The Office of the Comptroller of the Currency has announced a
new initiative to keep pace with innovation in the financial. On
August 7, 2015, in remarks before the Federal Home Loan Bank of
Chicago, the Comptroller of the Currency, Thomas J. Curry discussed
the OCC's efforts to develop a framework to evaluate new and
innovative financial products and services. Specifically, Curry
mentioned putting together a team with representatives from across
the agency – policy experts, examiners, lawyers, and others
– to keep pace with FinTech products. He noted that it is
still early in the process, but may ultimately result in a small
office dedicated to innovation.
Curry noted that seeming conflict between traditional banks and
FinTech, citing two recent Economist magazine articles:
