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Without saying how it might oversee financial-technology firms in the future, the OCC is setting up an innovation office in Washington, New York and San Francisco to respond to a surge in banking-industry innovations.
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The OCC did say Wednesday that it will release a white paper in the coming weeks outlining the issues around providing special-purpose bank charters for fintech companies. With the development of technologies -- such as blockchain, mobile payments systems and the fresh approaches to finance taken by companies including LendingClub Corp. and On Deck Capital Inc. -- regulators have scrambled to keep pace. Many of the innovations have popped up without the government restrictions that established financial firms are subjected to.
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