US Comptroller of the Currency Discusses Fintech

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US Comptroller of the Currency Thomas Curry provided remarks describing actions the OCC has taken to meet the needs of all types of consumers, businesses and communities in the US. Specifically, he described a new department at the OCC, Compliance and Community Affairs Department, which brings together policy, supervision and community outreach in respect of consumer compliance, fair lending, AML/BSA and the Community Reinvestment Act. Curry also discussed OCC’s focus on encouraging innovation and establishing a framework for responsible innovation in the federal banking industry. He noted that the OCC started conducting research and discussing opportunities for innovation and financial technology (fintech) with banks and other companies as well as community and consumer groups, academics and other regulators in 2015, before releasing its framework in October 2016. He also discussed the agency’s draft supplement to its licensing manual that provides additional detail on how the OCC would evaluate applications for national bank charters from fintech companies and how the agency would supervise these banks and ensure fair access and treatment of customers. Specifically, Curry emphasized that the supplement does not establish any new authority, charter or policy and rather builds upon existing rules, guidance and processes. He further noted that, although changes to the OCC’s manuals are not typically released for public comment, the OCC is accepting comment on the supplement until April 14, 2017 in order to appropriately incorporate industry feedback.

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