OCC Establishes Office of Financial Technology

Following last year’s announcement, the Office of the Comptroller of the Currency (OCC) finally launched its „Office of Financial Technology“, headed by Prashant Bhardwaj as the „Deputy Comptroller and Chief Financial Technology Office“ on March 30, 2023. The Office will build on and incorporate the Office of Innovation, which was created by the OCC in 2016 to „coordinate agency efforts to support responsible financial innovation“. The new office shall enable the regulator to stay ahead on issues regarding Financial Technology (e.g. digital assets, the application of AI (artificial intelligence), create the needed expertise in this context, and supplement the OCC in its function to adopt rules and regulations that are fit for purpose and suit the needs of today’s financial market.