The US Workplace of the Comptroller of the Forex (OCC) formally introduced the institution of its Workplace of Monetary Know-how on March 30. The brand new workplace will broaden the OCC’s expertise focus and assist it keep abreast of the speedy developments within the banking business, it mentioned.
The Workplace of Monetary Know-how will open on April 10 below the management of Prashant Bhardwaj, who may have the titles of OCC deputy comptroller and chief monetary expertise officer. Bhardwaj is a brand new rent on the company. Based on the announcement:
“Mr. Bhardwaj will lead the team responsible for analysis, evaluation, and discussion of relevant trends in financial technology, emerging and potential risks, and the potential implications for OCC supervision. “
Plans to establish the new office were announced in October. It will incorporate and expand the OCC’s Office of Innovation, which was created in 2017.
Related: OCC makes its staff available for fintech-related discussions
The OCC is an independent bureau of the Treasury Department that has been under the direction of Acting Comptroller of the Currency Michael Hsu since May 2021. The bureau supervises “national” business banks in america, that are members of the Federal Reserve and insured by the Federal Deposit Insurance coverage Company (FDIC).
— OCC (@USOCC) March 30, 2023
The OCC has repeatedly cautioned banks towards coping with crypto, notably in its interpretive letters. As well as, it was one of many three financial institution regulatory companies that launched a joint assertion firstly of the 12 months warning banks concerning the dangers of crypto.
“Banking organizations are neither prohibited nor discouraged from providing banking services to customers of any specific class or type,” holding crypto belongings as principal “is highly likely to be inconsistent with safe and sound banking practices,” the OCC wrote, together with the Federal Reserve Board and FDIC.
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