US Banking Regulator Invites Innovators to Talk Tech Virtually

2020/07/02 Innoverview Read

Per a July 2 announcement, the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) are opening up virtual hours for industry players looking to discuss innovation and new technologies in banking. 

More venues for crypto to meet with regulators

The new meetings will be capped at one hour in length and are currently slated for just two days, July 29-30. Those interested need to register by July 17. 

Depending on the success of these meetings, they may become a more regular feature. The Securities and Exchange Commission’s FinHub recently announced virtual meetups to build on a longer tradition of peer-to-peer engagement. 

The Commodity Futures Trading Commission similarly held one-off meetings in February, before COVID-19 lockdowns took hold around the U.S.

Rising engagement with fintech at OCC under Brooks

Today’s announcement follows a host of pro-fintech and crypto moves from the OCC since Brian Brooks, formerly of Coinbase’s legal team, became acting head of the office

Brooks is notable for his interest in onboarding crypto capabilities onto the traditional banking system. 

Earlier this week, the OCC released its semi-annual risk perspective — a recurring report highlighting the state of the banking industry. This edition made special mention of threats amid the COVID-19 pandemic and risks of working remotely, warning against “heightened cyber security risks, and potential fraud related to stimulus programs.” 

“This is a trend that we saw highlighted prior to COVID-19 in January of this year,” a member of the OCC’s staff told Cointelegraph. “Clearly covid-19 has opened up a whole new avenue for [bad actors].”

(Source: Cointelegraph )