The US agency that regulates banks announced it's launching a special initiative to build ties to the fintech community, open regional offices and potentially create innovation "sandboxes" to enable experimentation. Skeptical observers view this as the first step toward regulating a range of new fintech products and structures.
Without saying how it might oversee financial-technology firms in the future, a key U.S. regulator is setting up an office to respond to a surge in banking-industry innovations. The new arm of the Office of the Comptroller of the Currency will establish an outreach program to companies, conduct research and collaborate with other financial regulators, the agency said in a statement Wednesday. The front-line office will open in the first few months of 2017, and be based in Washington, with some staff in New York and San Francisco. “We are ensuring that institutions with federal charters have a regulatory framework that is receptive to responsible innovation and the supervision that supports it,” Comptroller of the Currency Thomas Curry said in the statement. Banking Charter