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The OCC announced it will establish an office dedicated to responsible innovation and implement a formal framework to improve the agency's ability to identify, understand and respond to financial innovation...
On October 26, 2016, the OCC announced it will establish an
office dedicated to responsible innovation and implement a formal
framework to improve the agency's ability to identify,
understand and respond to financial innovation affecting the
federal banking system.
The Office of Innovation will be headed by a Chief Innovation
Officer assigned to OCC Headquarters with a small staff located in
Washington, New York and San Francisco. The office will be the
central point of contact and clearinghouse for requests and
information related to innovation. It will also implement other
aspects of the OCC's framework for responsible innovation,
which include: (i) establishing an outreach and technical
assistance program for banks and nonbanks; (ii) conducting
awareness and training activities for OCC staff; (iii) encouraging
coordination and facilitation; (iv) establishing an innovation
research function; and (v) promoting interagency collaboration.
The OCC expects the office to begin operations in first quarter
2017. To support implementation of the framework, the agency has
named Beth Knickerbocker acting Chief Innovation Officer.
The OCC's Recommendations and Decisions for Implementing a
Responsible Innovation Framework is available at:
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