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OCC to Establish New Office to Oversee US Fintech Sector; Michael Hsu Quoted

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The Office of the Comptroller of the Currency (OCC) is establishing a new office tasked with overseeing the expansion of the financial technology sector.

The OCC said Thursday the Office of Financial Technology will build upon the efforts of the Office of Innovation and coordinate agency-wide efforts to facilitate innovation in the U.S. financial system.

The new office, expected to launch in early 2023, will be headed by a chief financial technology officer reporting to the senior deputy comptroller for bank supervision policy.

“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,” said Michael Hsu, acting comptroller of the currency.

He added that creating an office focused on the fintech sector will enable the agency “to be more agile and to promote responsible innovation, consistent with our mission.”