Here is the Report from the Office of Comptroller of the Currency on Financial Innovation

Fintech FranceThe Office of the Comptroller of the Currency (OCC) published a report earlier this spring entitled, “Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective.”

While the name may a bit convoluted the report is basically about Fintech and the financial system as “innovation is not risk-free.” The document describes the OCC’s vision regarding “responsible innovation” and is open to comments – some of which have been recently covered by Crowdfund Insider and other media outlets.

The OCC is one of a multitude of regulatory agencies that deal with banks. The agency regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks. The OCC is an independent bureau of the U.S. Department of the Treasury.

The document, embedded below, was the genesis of an initiative to better understand trends and innovations in the financial sector noting that many of these innovations are taking place outside the existing banking industry.

The OCC defines responsible innovation in the banking sector 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 larger question is whether the OCC (and other government entities for that matter) will work to facilitate true Fintech innovation outside of legacy financial firms. Or will they simply add rule upon regulation and impede innovation to the point that finance stumbles further along the path of inefficiency.

See the OCC report below.


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