The USA Workplace of the Comptroller of the Forex (OCC) formally introduced the institution of its Workplace of Monetary Expertise on March 30. The brand new workplace will broaden the OCC’s know-how focus and assist it keep abreast of the fast developments within the banking business, it stated.
The Workplace of Monetary Expertise will open on April 10 beneath the management of Prashant Bhardwaj, who can have the titles of OCC deputy comptroller and chief monetary know-how officer. Bhardwaj is a brand new rent on the company. Based on the announcement:
“Mr. Bhardwaj will lead the workforce chargeable 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 have been introduced in October. It’ll incorporate and develop the OCC’s Workplace of Innovation, which was created in 2017.
Associated: OCC makes its employees obtainable for fintech-related discussions
The OCC is an impartial bureau of the Treasury Division that has been beneath the path of Performing Comptroller of the Forex Michael Hsu since Might 2021. The bureau supervises “nationwide” industrial banks in the US, 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 Expertise. 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, significantly in its interpretive letters. As well as, it was one of many three financial institution regulatory companies that launched a joint assertion at first of the yr warning banks concerning the dangers of crypto.
“Banking organizations are neither prohibited nor discouraged from offering banking companies to prospects of any particular class or kind,” holding crypto property as principal “is very prone to be inconsistent with protected and sound banking practices,” the OCC wrote, together with the Federal Reserve Board and FDIC.
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