OCC establishes Office of Financial Technology

Bank Regulatory Federal Issues OCC Fintech Innovation Supervision Digital Assets

On March 30, the OCC announced the establishment of the Office of Financial Technology, and selected Prashant Bhardwaj to lead the office as Deputy Comptroller and Chief Financial Technology Officer beginning April 10. As previously covered by InfoBytes, last October the OCC said the new office will build on and incorporate the agency’s Office of Innovation (established in 2016 and covered by InfoBytes here), and will strengthen the OCC’s expertise and ability to adapt to a rapidly evolving banking landscape. The Office of Financial Technology will “enhance the OCC’s expertise on matters regarding digital assets, fintech partnerships, and other changing technologies and business models within and that affect OCC-supervised banks,” the OCC said in its announcement, noting that Bhardwaj will lead a team responsible for analyzing, evaluating, and discussing relevant fintech trends, emerging and potential risks, and the potential implications for OCC supervision.