OCC Chief Curry Highlights Importance of Innovation in Recent Speech

During a recent speech, the Office of the Comptroller of the Currency (“OCC”) Chief Thomas Curry stated that it is up to banks to keep up with and out-innovate nonbank rivals. “Technology...will determine the success or failure of banks going forward,” Curry said.

As SFIG reported last week, the OCC recently released a white paper, embracing innovation and technology in the banking space so as not to put the financial system at risk. "Regulated banks aren't the only show in town when it comes to financial services and your competitors are taking advantage of every opportunity to get a leg up on you," Curry stated during his remarks.

The OCC Chief also said that regulators should be receptive to new ideas. "It's important that regulators are open to the changes that are underway in both technology and business practices, and that we are able to evaluate both the risks and the opportunities that innovation presents."

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