Thursday, April 14, 2016

OCC Seeks to Bring Some Order to Financial Innovation

A Whitepaper on the Elements of "Responsible Innovation"

Author: David Schwartz

Banking and financial markets have always been innovative. But globalization, new regulation, and changes in technology have heightened the pace of innovation dramatically.  According to a whitepaper published in March 2016 by the Office of the Comptroller of the Currency (OCC), while banks continue to innovate, "rapid and dramatic advances in financial technology are beginning to disrupt the way traditional banks do business."  In the face of this disruption, the OCC has used this white paper to enumerate eight "guiding principles" that the agency says it has formulated "to guide the development of its framework for understanding and evaluating innovative products, services, and processes that OCC-regulated banks may offer or perform." 

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Wednesday, December 30, 2015

OCC Report Highlights Lingering Risks and Supervisory Priorities

Author: David Schwartz

Strategic, underwriting, cybersecurity, compliance, and interest rate risks lead the Office of the Comptroller of the Currency’s (OCC) supervisory concerns in its Semiannual Risk Perspective for Fall 2015.  Released December 17, 2015, the report “addresses key issues facing banks, focusing on those that pose threats to the safety and soundness of banks and their compliance with applicable laws and regulations.”  The report notes among its conclusions that the risks associated with underwriting and cybersecurity are increasing, and while strategic, compliance, and interest rate risks remain stable, they too remain supervisory priorities for 2016.

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