US regulator establishes FinTech innovation office

The OCC announces plans for FinTech innovation office as central point of contact for clearing houses.

The Office of the Comptroller of the Currency (OCC) has announced plans to establish an innovation office for FinTech companies.

The office will improve the OCC’s understanding of financial innovation affecting the federal banking system and promote inter-agency collaboration.

It will be a central point of contact for clearing houses on issues around innovation and will also provide technical assistance to banks and non-banks.

Beth Knickerbocker has been named as acting chief innovation officer and she will oversee the implementation of the office. 

Comptroller of the currency, Thomas Curry, explained the OCC supports innovation that improves the safety of the federal banking system, treats customers fairly and promotes financial inclusion.

“We are ensuring that institutions with federal charters have a regulatory framework that is receptive to responsible innovation and the supervision that supports it,” he said.

The OCC expects the office to begin its operations in the first quarter of 2017.