Treasury component adds a new office with to focus on fintech

The Office of the Comptroller of the Currency, a bureau of the Treasury Department that charters and regulates national banks and savings associations, announced Thursday that it will stand up a new Office of Financial Technology early next year to help the office respond to a "rapidly changing banking landscape."

"Financial technology is changing rapidly and bank-fintech partnerships are likely to continue growing in number and complexity," said Acting Comptroller of the Currency Michael J. Hsu in a statement. "To ensure that the federal banking system is safe, sound, and fair today and well into the future, we need to have a deep understanding of financial technology and the financial technology landscape. The establishment of this office will enable us to be more agile and to promote responsible innovation."

The regulator says that the new office will build on the OCC's Office of Innovation, meant to coordinate efforts to support responsible financial innovation. It was established in 2016.

The new office will be led by a chief financial technology officer, according to the OCC, and will guide the agency's activities related to financial technology.