The USA Workplace of the Comptroller of the Foreign money (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 speedy 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. In accordance with the announcement:
“Mr. Bhardwaj will lead the workforce answerable for evaluation, analysis, and dialogue of related tendencies in monetary know-how, rising and potential dangers, and the potential implications for OCC supervision. “
Plans to determine the brand new workplace had been introduced in October. It should incorporate and broaden the OCC’s Workplace of Innovation, which was created in 2017.
Associated: OCC makes its workers out there 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 Foreign money Michael Hsu since Might 2021. The bureau supervises “nationwide” business banks in america, that are members of the Federal Reserve and insured by the Federal Deposit Insurance coverage Company (FDIC).
The @USOCC pronounces 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 firstly of the 12 months 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 sort,” holding crypto belongings 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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