OCC Seeks Comments on Fintech Pilot Program

The OCC is looking for feedback on whether to launch a program for banks and vendors to test new financial products that present significant opportunities and benefits; they are accepting comments through June 14; Comptroller of the Currency Joseph Otting wrote, “Supporting a financial system that innovates responsibly is central to the mission of the OCC…As the prudential regulator of the U.S. federal banking system, the OCC has been a leading voice among regulators on the importance of encouraging innovation that promotes safe and sound bank operations, treats customers fairly, and provides fair access to financial services. This proposed program is an important step as we look to the future of supervision and the evolution of the U.S. banking system.”; the OCC noted that the proposed pilot program is separate from the chartering process. Source