On October 26, the Office of the Comptroller of the Currency (“OCC“) announced that it will establish an office “dedicated to responsible innovation and implement a formal framework to improve the agency’s ability to identify, understand, and respond to financial innovation affecting the federal banking system [and stated that by] establishing an Office of Innovation, we are ensuring that institutions with federal charters have a regulatory framework that is receptive to responsible innovation and the supervision that supports it.”
The Office of Innovation will be headed by a Chief Innovation Officer assigned to OCC Headquarters. The office will be the central point of contact and clearinghouse for requests and information related to innovation and it will also implement other aspects of the OCC’s framework for responsible innovation, which include:
- establishing an outreach and technical assistance program for banks and nonbanks,
- conducting awareness and training activities for OCC staff,
- encouraging coordination and facilitation,
- establishing an innovation research function, and
- promoting interagency collaboration.
The OCC expects the office to begin operations in first quarter 2017.
The OCC emphasized that its assessment of granting a special purpose national bank charter to nonbank financial technology companies, and under what conditions, continues.
See “Recommendations and Decisions for Implementing a Responsible Innovation Framework.” Press Release.