The OCC defines Responsible Innovation as the use of new or improved financial products, services and processes to meet the evolving needs of consumers, businesses, and communities in a manner that is consistent with sound risk management and is aligned with the bank's overall business strategy.
The OCC has established an Office of Innovation and has implemented a framework supporting responsible innovation. The office serves as the central point of contact and clearing house for requests and information related to innovation.
At the Office of the Comptroller of the Currency, we are making certain that institutions with federal charters have a regulatory framework that is receptive to responsible innovation and supervision that supports it.
– "Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective"
Office of Innovation at a Glance
Responsible Innovation
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Outreach & Technical Assistance
- Establishes ongoing dialogue with banks, nonbanks (including financial technology (fintech) companies), and other stakeholders
- Provides technical assistance to banks and nonbanks
- Promotes awareness and understanding of OCC positions and expectations
Awareness & Training
- Fosters OCC staff awareness of responsible innovation and emerging trends
- Improves training and enhances the skills of examiners and other OCC staff
- Develops processes to build and leverage OCC experience and expertise
Coordination & Facilitation
- Implements a process to streamline and coordinate innovation-related decisions to ensure transparent and timely responses to inquiries
- Creates a process for OCC participation in bank-run pilots
Research
- Assesses continuously the landscape and trends in financial innovation
- Uses research and ongoing stakeholder dialogue to inform OCC policy, supervision, and analysis
Interagency Collaboration
- Uses existing communication channels to share information and collaborate with domestic and international regulators
- 03/05/2020 OCC 2020-10, Third-Party Relationships: Frequently Asked Questions to Supplement OCC Bulletin 2013-29
- 12/03/2019 OCC NR 2019-142, Joint Statement on the Use of Alternative Data in Credit Underwriting
- 07/24/2019 OCC 2019-37, Operational Risk: Fraud Risk Management
- 12/03/2018 OCC 2018-44, Bank Secrecy Act/Anti-Money Laundering: Joint Statement on Innovative Efforts to Combat Money Laundering and Terrorist Financing
- 05/23/2018 OCC 2018-14, Installment Lending: Core Lending Principles for Short-Term, Small-Dollar Installment Lending
- 10/20/2017 OCC 2017-43, New, Modified, or Expanded Bank Products and Services: Risk Management Principles
- 09/28/2016 OCC 2016-29, Revised Comptroller’s Licensing Manual Booklet
- 06/30/2015 OCC 2015-31, Cybersecurity: FFIEC Cybersecurity Assessment Tool
- 10/30/2013 OCC 2013-29, Third-Party Relationships: Risk Management Guidance
- 04/04/2011 OCC 2011-12, Sound Practices for Model Risk Management: Supervisory Guidance on Model Risk Management
- 07/02/2020, CFPB, OCC Host Virtual Innovation Office Hours
- 06/25/2019, Chief Innovation Officer Discusses OCC Support of Responsible Innovation
- 07/31/2018, OCC Begins Accepting National Bank Charter Applications From Financial Technology Companies
- 09/25/2017, Acting Comptroller of the Currency Discusses Online Lending and Responsible Innovation
- 07/19/2017, Acting Comptroller Discusses Responsible Innovation and Granting National Bank Charters to Financial Technology Companies
- 06/19/2017, OCC to Hold Innovation Office Hours in New York
- 04/28/2017, Comptroller Discusses the Future of Finance and Responsible Innovation
- 04/13/2017, OCC Announces One-on-One Industry Meetings As Part of Office of Innovation Office Hours
- 03/15/2017, OCC Issues Draft Licensing Manual Supplement for Evaluating Charter Applications From Financial Technology Companies, Will Accept Comments Through April 14
- 12/02/2016, OCC To Consider Fintech Charter Applications, Seeks Comment
- 11/18/2016, Comptroller Discusses Community Banking
- 11/03/2016, Comptroller Discusses Banking Innovation and Regulation
- 10/26/2016, OCC Issues Responsible Innovation Framework
- 09/13/2016, Comptroller Discusses Marketplace Lending (PDF)
- 06/23/2016, Comptroller Highlights Effort To Develop A Framework for Evaluating Responsible Innovation
- 04/07/2016, Comptroller Discusses Innovation During Retail Banking Conference
- 03/31/2016, OCC Shares Its Perspective on Responsible Innovation, Announces June 23 Forum on Innovation
- 08/31/2015, Deputy Comptroller Discusses Compliance, Cybersecurity, and Innovation (PDF)
- 08/07/2015, Comptroller Discusses Responsible Innovation, Risk Management (PDF)
On July 31, 2018, the OCC released the Comptroller's Licensing Manual Supplement, Considering Charter Applications From Financial Technology Companies. The Supplement provides detail on how the OCC would evaluate applications for a special purpose charter from financial technology (fintech) companies, and discusses key considerations including, governance, risk management, capital, liquidity, financial inclusion and contingency planning. The document also describes the OCC's approach to supervising newly chartered special purpose national banks.
Please see the Supplement for details around starting the application process. Should you have any questions regarding the process, please email the Office of Innovation.
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