OCC Establishes Office of Financial Technology, Appoints Chief Financial Technology Officer

Apr 3, 2023Federal Regulation, News

The Office of the Comptroller of the Currency (OCC) recently announced the establishment of the Office of Financial Technology, as well as the selection of Prashant Bhardwaj as Chief Financial Technology Officer and Deputy Comptroller starting April 10, 2023.

“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,” said Acting Comptroller of the Currency Michael Hsu last October, when the OCC announced the expansion of the Office of Innovation with the Office of Financial Technology.

The new Office helps the OCC adapt to the rapid technological changes within the banking industry by providing high-quality supervision of bank-fintech partnerships. It broadens the knowledge and expertise needed by the OCC to fulfill its mission of ensuring banks provide safe, fair access to financial services to their customers.

Bhardwaj will lead the team that evaluates, discusses, and analyzes trends in financial technology, potential risks to customers, and potential implications for agency supervision. He joins the OCC after about 30 years of experience in a variety of roles in the financial sector.

Bhardwaj holds a master’s degree in accounting from the University of Cincinnati, as well as a master’s degree in business administration from the International Management Institute Universiade de Brussels.

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