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DS News December 2022

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Page 71 of 99

70 70 70 INVESTMENT GOVERNMENT PROPERTY PRESERVATION Journal COMPTROLLER OF CURRENCY OPENS NEW FINTECH OFFICE Fintech seems to be the next area of explo- ration for the Office of the Comptroller of the Currency as it has announced it is establishing a new Office of Financial Technology. e move will bolster the agency's expertise and ability to adapt to a rapidly changing banking landscape. In addition, the Office of Financial Technol- ogy will build onto existing work carried out by the Office of Innovation which was established in 2016 to coordinate agency efforts to support innovative, yet responsible, finance. "Financial technology is changing rapidly and bank-fintech partnerships are likely to continue growing in number and complexity. To ensure that the federal banking system is safe, sound, and fair today and well into the future, we need to have a deep understanding of financial technology and the financial technol- ogy landscape," said Michael J. Hsu, the Acting Comptroller of the Currency. "e establish- ment of this office will enable us to be more agile and to promote responsible innovation consistent with our mission." Following the typical office structure, the Office of Financial Technology will be led by a Chief Financial Technology Officer, who will be a Deputy Comptroller reporting to the Senior Deputy Comptroller for Bank Supervision Pol- icy. e office will provide strategic leadership, vision, and perspective for the OCC's financial technology activities and related supervision.

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