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 establishment of its Office of Financial Technology on March 30. The new office will broaden the OCC's technology focus and help it keep abreast of rapid developments in the banking industry. he saying.

The Office of Financial Technology will open on April 10 under the leadership of Prashant Bhardwaj, who will hold the titles of OCC Deputy Comptroller and Director of Financial Technology. Bhardwaj is a new employee at the agency. According to the announcement:

"Mr. Bhardwaj will lead the team responsible for the analysis, assessment and discussion of relevant trends in financial technology, emerging and potential risks and potential implications for the supervision of the OCC."

Plans to establish the new office. were announced in october. It will incorporate and expand the OCC Office of Innovation, which was created in 2017.

Related: OCC makes its staff available for fintech-related discussions

The OCC is an independent office of the Treasury Department that has been under the direction of Acting Comptroller of the Currency Michael Hsu since May 2021. The office oversees "domestic" commercial banks in the United States, which are members of the Federal Reserve and they are insured. by the Federal Deposit Insurance Corporation (FDIC).

The OCC has repeatedly warned banks not to deal in cryptocurrency, particularly in its interpretative letters. Besides, was one of the three banks regulatory agencies that issued a joint statement earlier in the year warning banks about the risks of cryptocurrencies.

"Banking organizations are not prohibited or discouraged from providing banking services to customers of any specific class or type," holding crypto assets as principals is most likely "inconsistent with safe and sound banking practices," the statement wrote. OCC, along with Federal. Reserve Board and FDIC.

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