America 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 know-how 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 beneath the management of Prashant Bhardwaj, who could have the titles of OCC deputy comptroller and chief monetary know-how officer. Bhardwaj is a brand new rent on the company. In keeping with the announcement:
“Mr. Bhardwaj will lead the crew accountable for evaluation, analysis, and dialogue of related traits in monetary know-how, rising and potential dangers, and the potential implications for OCC supervision. “
Plans to ascertain the brand new workplace had been introduced in October. It’s going to incorporate and develop the OCC’s Workplace of Innovation, which was created in 2017.
Associated: OCC makes its workers accessible for fintech-related discussions
The OCC is an unbiased bureau of the Treasury Division that has been beneath the path of Appearing Comptroller of the Forex Michael Hsu since Could 2021. The bureau supervises “nationwide” industrial banks in america, that are members of the Federal Reserve and insured by the Federal Deposit Insurance coverage Company (FDIC).
The @USOCC publicizes the institution of its Workplace of Monetary Know-how. Learn extra at https://t.co/P57FSe4mp2 pic.twitter.com/wgdzmA2GX1
— OCC (@USOCC) March 30, 2023
The OCC has repeatedly cautioned banks in opposition to 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 at the start of the 12 months warning banks in regards to the dangers of crypto.
“Banking organizations are neither prohibited nor discouraged from offering banking providers to clients of any particular class or sort,” holding crypto property as principal “is extremely prone to be inconsistent with secure and sound banking practices,” the OCC wrote, together with the Federal Reserve Board and FDIC.
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