OCC Issues FinTech White Paper Indicating Openness to 'Responsible Innovation'

On March 31, 2016, the Office of the Comptroller of the Currency ("OCC") issued its much-anticipated white paper on the growing intersection between financial services and technology, or "FinTech." In his prepared remarks at Harvard's Kennedy School of Government announcing the white paper, Comptroller Curry signaled the OCC's openness to the FinTech industry: "Not every innovation is appropriate for a regulated financial institution, and not every innovation that is appropriate for a regulated institution is appropriate for all regulated institutions. But avoiding new approaches completely is equally dangerous. Banks have to continuously adapt to prosper, and we, as regulators, have to be knowledgeable enough to understand new technology and nimble enough to render timely decisions on matters requiring regulatory approval, as well as guidance about our supervisory expectations." Comptroller Curry's remarks echo recent comments by OCC Chief Counsel Amy Friend: