Posted April 28, 2017
On April 28, 2017, Comptroller of the Currency Tom Curry gave a speech which called out the banking industry’s need to keep current with technology and innovation, and aimed to defend the OCC’s efforts to encourage such growth.
The agency’s limited purpose bank charter for fintech firms has faced opposition within the banking industry, with argument that the startups are not banks. Curry, (who will remain acting Comptroller until the Senate confirms a replacement), addressed this in his speech stating “At the heart of the issue is the fundamental nature of the business of banking – the business of banking is dynamic and I would urge caution to anyone who wants to define banking as a static state. Such a view risks choking off growth and innovation.”
Curry also praised the fintech sector for maturing, noting that their “conferences now include topics such as 'meeting community needs,' ‘financial inclusion,’ ‘collaboration’ and ‘compliance,’”.