Comptroller of the Currency Thomas J. Curry, who heads an independent department in charge of supervising all U.S. national banks, stated in a speech April 7 at the American Banker Retail Banking Conference that “it’s important that regulators are open to the changes that are underway in both technology and business practices,” according to prepared remarks shared with Bitcoin Magazine .
The comptroller signalled a shift in attitudes toward fintech regulations, an umbrella term used to describe companies or services that use a combination of finance and technology, with Bitcoin being the most prominent example.
Announcing a number of new initiatives, such as “innovator fairs” that aim to bring banks and nonbank innovators together with OCC experts, and the sponsorship of a forum on responsible innovation to be held in Washington on June 23, Curry made it clear that “[T]he Office of the Comptroller of the Currency [OCC] want[s] to support efforts by federal banks to innovate.” He added, “But we also want to be sure that they do so in a responsible way that doesn’t threaten the safety of the system or the financial well-being of bank customers.”
In his more striking remarks the comptroller stated: “[I]t’s not unreasonable to characterize the change underway in the financial marketplace as revolutionary. But purists might point out that real revolutions sweep away existing institutions. That hasn’t happened,” he said, but warned: “without change, banks could go the way of other businesses that failed to adapt to changing times.” In potentially historic closing remarks Curry stated: “If there is a revolution underway in financial services … those of you in retail banking are on the frontlines. What I want you to know is that the OCC is ready to support you as you engage in the kind of responsible innovation that serves the needs […]
