The US Office of the Comptroller of the Currency (OCC) officially announced on March 30 the creation of its Office of Financial Technology. The new office will broaden the OCC’s technology focus and help it keep up with the rapidly changing banking industry, he said.
The Financial Technology Office will open its doors on April 10 under the leadership of Prashant Bhardwaj, who will serve as OCC Deputy Comptroller and Financial Technology Director. 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 OCC supervision.” “
Plans to establish the new office were announced in October. It will incorporate and expand the OCC Office of Innovation, created in 2017.
The OCC is an independent office of the Treasury Department headed by the current Comptroller of the Currency, Michael Hsu, since May 2021. The office oversees America’s “domestic” commercial banks, which are members of the Federal Reserve and are insured by the Federal Deposit Insurance Corporation (FDIC).
The @USOCC announces the establishment of its Office of Financial Technology. Read more at https://t.co/P57FSe4mp2 pic.twitter.com/wgdzmA2GX1
—OCC (@USOCC) March 30, 2023
The OCC has repeatedly warned banks against cryptocurrency transactions, particularly in its interpretative letters. Additionally, it was one of three banking regulatory agencies that released a joint statement earlier this 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 a principal “is highly likely to be inconsistent with safe and sound banking practices,” the OCC wrote. , along with the Federal Reserve Board and the FDIC.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.