On June 23, 2016, US Comptroller of the Currency Thomas J. Curry delivered remarks as part of the US OCC’s Forum on Responsible Innovation, highlighting the OCC’s efforts to develop a framework for identifying and evaluating responsible innovation. Comptroller Curry defined a responsible innovation as one that meets the changing needs of consumers, businesses and communities, is consistent with sound risk management and aligns with the company’s business strategy. Within the context of a federal banking system, a responsible innovation is one that would help institutions achieve their public purpose without compromising their safety or soundness. During his remarks, Comptroller Curry made references to the OCC White Paper on responsible innovation that was released in March 2016.
In addition to Comptroller Curry’s remarks, the forum brought together thought leaders from banks, financial technology companies, academia, community and consumer groups and the OCC to discuss developments, opportunities and challenges related to financial innovation. The forum examined questions such as whether financial technology companies and banks could coexist and learn from one another and what the impact of innovation on consumers and communities may be.
Comptroller Curry’s remarks are available at: http://www.occ.gov/news-issuances/speeches/2016/pub-speech-2016-74.pdf.