The US Office of the Comptroller of the Currency (OCC) officially announced the creation of its Office of Financial Technology on March 30. The new office will broaden OCC’s technology focus and help it keep abreast of rapid developments in the banking industry. Said this.
The Office of Financial Technology will open on April 10 under the leadership of Prashant Bhardwaj, who will assume the position of Deputy Comptroller and Chief Financial Technology Officer of the OCC. Bhardwaj is the new employee in the agency. As per the announcement:
“Mr. Bhardwaj will lead the team responsible for analyzing, evaluating and discussing financial technology, emerging and potential risks, and the potential impact of OCC oversight.
Plans to set up the new office were announced in October. It will incorporate and expand the OCC’s Office of Innovation, which was established in 2017.
RELATED: OCC Makes Its Staff Available for Fintech-Related Discussions
The OCC is an independent agency of the Ministry of Finance, headed by Michael Hsu, Acting Comptroller of the Currency from May 2021. The agency oversees “national” commercial banks in the United States, which are members of the Federal Reserve and insured by the Federal Deposit Insurance Corporation (FDIC).
— OCC (@USOCC) March 30, 2023
The OCC has repeatedly warned banks not to deal with cryptocurrencies, especially in its explanatory letters. Furthermore, it was one of three bank regulators to issue a joint statement earlier this year to warn banks about the risks of crypto.
“Banking organizations are neither prohibited nor discouraged from providing banking services to customers of any class or race,” the OCC wrote to the federal government. Reserve Board and the FDIC.
Magazine: Volatile Coins: Dapping, Bank Runs and Other Risks Looming
Stay connected with us on social media platforms for instant updates, Click here to join us Facebook
Denial of responsibility! Technicripon.com is an automated aggregator around global media. All material is available for free on the Internet. We have organized this on a platform only for educational purpose. A hyperlink to the primary source is specified in each material. All trademarks belong to their rightful owners, all content belongs to their authors. If you are the content owner and do not want us to publish your content on our website, please contact us on email – email@example.com. The content will be removed within 24 hours.