Federal banking regulator to launch financial technology office

The Office of the Comptroller of the Currency will appoint a chief financial technology officer.
The US Treasury building in Washington, DC, on October 4, 2022. (Photo by STEFANI REYNOLDS/AFP via Getty Images).

The Treasury Department bureau responsible for regulating banks and savings associations is launching a new Office of Financial Technology.

In a statement the Office of the Comptroller of the Currency (OCC) said it will set up the new department to ensure it has the tools to supervise the fast-changing banking sector, including fintech companies.

Acting Comptroller of the Currency Michael Hsu said: “Financial technology is changing rapidly and bank-fintech partnerships are likely to continue growing in number and complexity. 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.”

He added: “The establishment of this office will enable us to be more agile and to promote responsible innovation, consistent with our mission.”


The new office will be led by a chief financial technology officer, who will be a deputy comptroller, reporting to the senior deputy comptroller for bank supervision policy. 

OCC is an independent bureau within the Treasury Department that is tasked with chartering, regulating, and supervising all national banks, foreign banks and savings associations in the United States, which together hold more than $15 trillion in assets.

OCC was established by President Lincoln in 1863 during the American Civil War.

Nihal Krishan

Written by Nihal Krishan

Nihal Krishan is a technology reporter for FedScoop. He came to the publication from The Washington Examiner where he was a Big Tech Reporter, and previously covered the tech industry at Mother Jones and Global Competition Review. In addition to tech policy, he has also covered national politics with a focus on the economy and campaign finance. His work has been published in the Boston Globe, USA TODAY, HuffPost, and the Arizona Republic, and he has appeared on NPR, SiriusXM, and PBS Arizona. Krishan is a graduate of Arizona State University’s Walter Cronkite School for Journalism. He grew up in South Korea, Saudi Arabia, India, and Singapore before moving to the United States to study politics and journalism. You can reach him at

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