On the heels of the opening of a fintech innovation hub by the Ontario Securities Commission (OSC) earlier this week, the U.S. Office of the Comptroller of the Currency (OCC) on Thursday announced plans to launch an office to facilitate innovation in the U.S. banking industry.
The Office of Innovation, which is slated to begin operations in the first quarter of 2017, will serve as a clearinghouse for information on innovation, provide technical assistance to the industry and training to regulatory staff, carry out research, and promote collaboration between regulators.
“The OCC supports responsible innovation that enhances the safety and soundness of the federal banking system, treats customers fairly, and promotes financial inclusion,” says Thomas Curry, Comptroller of the Currency, in a news release. “By establishing an Office of Innovation, we are ensuring that institutions with federal charters have a regulatory framework that is receptive to responsible innovation and the supervision that supports it.”
The agency named Beth Knickerbocker acting chief innovation officer to head a small staff that will be located in Washington, D.C., New York, and San Francisco.
An industry group, the Financial Services Roundtable (FSR), welcomed the OCC’s announcement. “Regulators should encourage fintech innovation that benefits consumers, enables the financial and technology industries to further collaborate, and helps grow the economy,” says Tim Pawlenty, FSR CEO. “We applaud the OCC for establishing these forward-thinking measures that will help America’s innovators develop the big ideas of the future.”
See: OSC introduces fintech innovation hub and regulatory sandbox