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ARTICLE · 16 JANUARY 2017

The OCC's Responsible Innovation Framework And Fintech Bank Charters—Latest Developments

Jones Day
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The Comptroller of the Currency has been working for more than a year to develop a comprehensive framework to improve the OCC's ability to identify and understand trends and innovations in the financial services industry, as well as evolving customer needs.

United StatesFinance and Banking
Chip MacDonald
Chip MacDonald
Lisa Ledbetter
Lisa Ledbetter
Stephen Obie
Stephen Obie
James Olson
James Olson
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The Comptroller of the Currency ("OCC") has been working for more than a year to develop a comprehensive framework to improve the OCC's ability to identify and understand trends and innovations in the financial services industry, as well as evolving customer needs.1 The OCC is taking a comprehensive approach to financial innovation, including innovative products and services. As part of this initiative, the OCC formed a team including policy experts, examiners, lawyers, and others ("Team") to gain a better understanding of emerging technology and new approaches in financial services and to design the OCC's framework for evaluating financial innovation.

The OCC recognized that nonbank financial technology ("fintech") companies have attracted substantial investment and provide traditional bank services and products to meet customer needs and preferences with new technologies and processes:

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