Financial Tech Innovation & the Federal Banking System - by Comptroller of the Currency Thomas Curry

By Comptroller of the Currency Thomas Curry

The regulatory framework for fintech has been a point of discussion for some time in the industry; at LendIt USA 2017 we had Comptroller of the Currency Thomas Curry give a keynote focusing on the OCC Fintech Charter; Mr. Curry focused his speech on how the OCC views the fintech charter, explaining that the office has been issuing charters for non deposit taking banks for decades; a charter does not mean lighter regulatory oversight according to the OCC, the charter will provide the proper oversight for this emerging industry; the changing landscape of finance is exciting to see, one of the bigger impacts in fintech is in the space of financial inclusion; giving people more control of their financial lives allows them to make better decisions regarding their financial health; while there has been great growth in fintech the last few years Mr. Curry stressed that companies need to build a company culture of responsibility and ensure they are applying the correct risk management while growing.