OCC Issues Update to Organize a Virtual Innovation Office Hours

The Office of the Comptroller of Currency (OCC) in Washington, DC has released an update on how the Fintech solution week will be organized by its representatives.

According to a newsroom update held by OCC, two days of virtual Innovation Hours will be organized in December 2022 which will begin on the 14th and close by the 15th. The purpose of the meeting will be to stimulate and promote new ideas in the federal banking sector.

Any interested party is expected to register for a session on the 18th of November, 2022. They will be asked to submit any topic that fancies their interest as related to the financial service and the digital ecosystem. The OCC will thereafter follow up with them by providing them with details of the meeting time and dates after accepting their request.

OCC further explained what Office Hours is all about. According to the report, Office Hours are physical meetings that will be organized by staff that are representing the OCC Office of Innovation. 

These meetings are expected to last not more than one hour. The focus of these meetings will be to discuss Fintech solutions in the financial sector, a move that may also engrain crypto and blockchain-related innovations.

New products and services in the financial industry will also be studied. Furthermore, partnerships with other banks and Fintech corporations will also be looked into. 

OCC and the FinTech Industry

The Office Hours being organized by OCC are not the first attempt for them to promote the Fintech economy. In January Michael J.Hsu also gave remarks on “the future of crypto assets and regulation.” 

He believes that in the crypto space, stablecoins play an intermediary between fiat and crypto and act as a medium of exchange within crypto trading platforms. He also believed they play an important role in promoting and supporting fast growth in Decentralized Finance (DeFi).

The OCC announced the launch of the Office of Financial Technology which will begin early next year. According to them, the creation of the office is aimed at bringing innovation to the banking sector. 

Acting Comptroller Michael J. Hsu gave a statement that “the banking sector is changing rapidly and partnerships between banks and the FinTech industry have been forecasted to grow in number and complexity.” 

He further explained that the office will allow us to be more agile and promote responsible innovation, which is in line with our mission.

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