The US OCC has announced that its representatives will be accessible to interact with firms about financial technology.
The announcement of one-on-one talks with the OCC came after the agency announced plans to establish an Office of Financial Technology beginning in 2023.
The OCC announced on Nov. 3 that companies interested in fintech products and services, partnerships with banks, or concerns about responsible innovation in financial services can meet with its staff for one hour between Dec. 14-15. The government agency said it will examine requests and proposed themes of discussion before announcing virtual meeting times.
The OCC announcement came after the department announced plans to establish an Office of Financial Technology beginning in 2023. The office will aid to get a thorough grasp of financial technology and the financial technology ecosystem.
The request form for the OCC office hours mentioned a "candid talk," implying that no transcript or other details will be made accessible to the public.
In announcing its Office of Financial Technology, the OCC stated that the proposed office hours will be one of five ways for firms and individuals to directly contact the government department.
The OCC arm also announced listening sessions, fintech symposiums, financial and banking conference participation, and public speeches.
The OCC appears to be exceeding its regulatory jurisdiction over fintech firms. In 2021, the agency resisted the Consumer Financial Protection Bureau's efforts to charter non-depository fintech enterprises.
Acting OCC Chairman Michael Hsu has also called for regulatory guidelines for stablecoins, while the Federal Reserve, the Securities and Exchange Commission, and the Commodity Futures Trading Commission have argued over digital asset regulation and enforcement.
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