OCC’s new Office of Financial Technology has a director and an opening date

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).

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

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