The Treasury Department bureau responsible for regulating banks and savings associations is launching a new Office of Financial Technology.
In a statement the Office of the Comptroller of the Currency (OCC) said it will set up the new department to ensure it has the tools to supervise the fast-changing banking sector, including fintech companies.
Acting Comptroller of the Currency Michael Hsu said: “Financial technology is changing rapidly and bank-fintech partnerships are likely to continue growing in number and complexity. To ensure that the federal banking system is safe, sound, and fair today and well into the future, we need to have a deep understanding of financial technology and the financial technology landscape.”
He added: “The establishment of this office will enable us to be more agile and to promote responsible innovation, consistent with our mission.”
The new office will be led by a chief financial technology officer, who will be a deputy comptroller, reporting to the senior deputy comptroller for bank supervision policy.
OCC is an independent bureau within the Treasury Department that is tasked with chartering, regulating, and supervising all national banks, foreign banks and savings associations in the United States, which together hold more than $15 trillion in assets.
OCC was established by President Lincoln in 1863 during the American Civil War.