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Office of the Comptroller of the Currency Innovation

BCLP

Vetting FinTechs as Business Risk Partners: OCC Bulletin

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Innovation is a key to competitive advantage and keeping pace with consumer digital banking preferences. Increasingly, banks are engaging the services of fintech’s who can deliver certain information and services in a more...more

Goodwin

Financial Services Weekly Roundup: The OCC Proposes New Rulemaking And Changes To Address Innovation And Consumer Needs

Goodwin on

In This Issue. The Office of the Comptroller of the Currency (OCC) released an advanced notice of proposed rulemaking seeking comments on several issues related to digital technology and innovation, as well as proposed...more

Nutter McClennen & Fish LLP

Fintech in Brief: New Acting OCC Comptroller Continues to Prioritize Innovation as OCC Proposes Rules on Digitizing Banking

On May 29, 2020, Joseph Otting stepped down as Comptroller of the Currency, and Brian Brooks was named Acting Comptroller. In his opening remarks, Acting Comptroller Brooks outlined his priorities, the first of which...more

Nutter McClennen & Fish LLP

Nutter Bank Report: September 2019

Headlines - FDIC Adopts Final Rule Establishing Community Bank Leverage Ratio Framework OCC Issues Compliance Guidance on Registered Appraisal Management Companies CFPB Announces New Policies to Promote Innovation...more

Ballard Spahr LLP

OCC report highlights risks arising from innovation and nonbank competition

Ballard Spahr LLP on

The OCC’s Semiannual Risk Perspective report focuses on key issues that pose threats to bank safety and soundness and legal compliance.  Among such issues discussed in the Spring 2019 report, which generally reflects bank...more

Nutter McClennen & Fish LLP

Fintech in Brief: OCC Singles Out Financial Innovation as Special Risk Topic

On May 20, the OCC published its Semiannual Risk Perspective, Spring 2019 and singled out financial innovation and rapid developments in Fintech as a special topic in emerging risks to the banking industry. This is the first...more

Ballard Spahr LLP

OCC wants its supervised financial institutions to play in a sandbox, too! But is it worth it?

Ballard Spahr LLP on

The Office of the Comptroller of the Currency (OCC) has opened its own “sandbox” through a Proposed Innovation Pilot Program (Program) designed to promote its innovation initiatives, add value through proactive supervision,...more

Troutman Pepper

Call to Innovate: Is Your Bank Ready?

Troutman Pepper on

In October 2018 the FDIC became the latest federal financial regulator to announce plans to create an Office of Innovation, following on the heels of the OCC and the CFPB. Originally published in Delaware Banker - Winter...more

Davis Wright Tremaine LLP

State of Regulation: Focus on FinTech

On Thursday, November 8, DWT FinTech team co-leader Andy Lorentz took part in the Commerce.Innovated Class 8 Demo Day in New York City. Andy led a discussion on legal developments in FinTech, with a focus on federal...more

Clark Hill PLC

Innovation: Opening the Door for Regulatory Engagement

Clark Hill PLC on

Since Donald Trump took office the hot topic has been “deregulation”. However, contradicting this ideal are efforts by financial regulators to incorporate the use of financial technology by financial institutions and fintech...more

Kilpatrick

FDIC Becomes the Latest Federal Agency to Create an Office of Innovation; Seeks to Encourage Banks to Embrace Technological...

Kilpatrick on

Press reports indicated that Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams recently announced at an American Bankers Association conference that the FDIC is setting up an Office of Innovation to...more

Morrison & Foerster LLP

Treasury and the OCC Make Significant Fintech Announcements

Two key federal government announcements were made on July 31, 2018 related to fintech issues. First, the U.S. Department of the Treasury (“Treasury”) issued a press release announcing a report entitled “Nonbank Financials,...more

Clark Hill PLC

Despite a Legal Setback - States Continue to Move Forward in Fintech Innovation

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For more than two years, the Office of the Comptroller of the Currency (“OCC”) has studied the regulatory impacts of innovations in financial technology. In March, 2016 it published a white paper regarding innovation in the...more

Polsinelli

FinTech Regulation is Not a Zero Sum Game

Polsinelli on

Regulation and innovation is not a zero sum-game – that is what a Senior Advisor to the Chair of the Securities and Exchange Commission (the “SEC”) said at the Financial Industry Regulatory Authority’s (“FINRA”) inaugural...more

Troutman Pepper

New OCC Bulletin on Third-Party Oversight Highlights Fintech Relationships

Troutman Pepper on

On June 7, the Office of the Comptroller of the Currency (OCC) issued OCC Bulletin 2017-21 (Frequently Asked Questions to Supplement Bulletin 2013-29; Third-Party Relationships: Risk Management Guidance). This is the OCC’s...more

Manatt, Phelps & Phillips, LLP

Curry Defends OCC's Fintech Charter, New York's DFS Sues

Stepping down as the leader of the Office of the Comptroller of the Currency (OCC), Thomas J. Curry highlighted the efforts of the agency to encourage financial innovation, particularly the agency's decision to grant fintech...more

Ballard Spahr LLP

OCC Office of Innovation to host July office hours in NYC

Ballard Spahr LLP on

The OCC announced that its Office of Innovation will host office hours for national banks, federal savings associations, and financial technology (fintech) companies from July 24 through July 26, 2017 at the OCC’s district...more

Perkins Coie

Blockchain Week in Review – May 2017 #4

Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

A&O Shearman

US Office of the Comptroller of the Currency Announces One-on-One Industry Meetings as Part of Office of Innovation Office Hours

A&O Shearman on

The US OCC announced that its Office of Innovation will host two days of office hours for national banks, federal savings associations (FSAs) and fintech companies to discuss the OCC’s perspective on responsible innovation....more

Davis Wright Tremaine LLP

OCC Issues Draft Fintech Supplement to OCC Licensing Manual

On March 15, 2017, the Office of the Comptroller of the Currency issued a “Draft Supplement” to the Comptroller’s Licensing Manual, entitled “Evaluating Charter Applications from Financial Technology Companies” (Supplement)....more

Troutman Pepper

OCC's Proposed Licensing Guidelines Treat Fintech Charters Like Any Other National Bank

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A fintech company considering a national bank charter will need to consider whether committing to a multi-year business plan is feasible in an industry that is constantly evolving, and in which the ability to respond quickly...more

Orrick, Herrington & Sutcliffe LLP

Comptroller of the Currency Tom Curry Discusses Fintech Charters

In his remarks at the LendIt Conference in New York, Comptroller of the Currency Tom Curry discussed the special purpose national bank charters to be granted by the OCC to fintech companies and addressed the various...more

Troutman Pepper

OCC Establishes New Third-Party Risk Management Expectations, Including for Bank Relationships With Marketplace Lenders

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The bulletin requires relationships between banks and marketplace lenders to be treated with the same rigor of due diligence and ongoing oversight as other relationships with third parties. On January 24, the Office of...more

Polsinelli

A Potentially Promising Approach to Regulation of FinTech or Should the U.S. Adopt a Regulatory Sandbox?

Polsinelli on

The Office of the Comptroller of the Currency (“OCC”) recently published a proposal to bring emerging financial technology (“FinTech”) companies within the scope of the agency’s jurisdiction. The proposal is useful as part of...more

Carlton Fields

SEC and OCC Seek Accommodation with Fintech Firms

Carlton Fields on

In November, industry participants and their regulators convened at the SEC for a special forum on the use of financial technology (fintech). In recent years, large amounts have been invested in fintech platforms such as...more

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