Recently, OCC Comptroller Curry delivered remarks regarding the agency’s March 2016 white paper titled “Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective.” In his opening remarks at the OCC’s June 23 forum on this topic, Curry noted a “need for heightened risk management to keep pace with the rapid changes in technology, products, services, and processes.” While recognizing that innovation remains an integral part of the banking system and has the ability to strengthen the financial services industry, Curry also emphasized its potential harm to consumers, banks, and the federal banking system at large. In order to limit the risks – such as cyber threats, phishing schemes, fraud, and identity theft – that innovation may pose to the banking industry, the OCC is developing a comprehensive framework to “improve [its] ability to identify and understand trends and innovations in the financial services industry, as well as the evolving needs of consumers of financial services.” According to the March 2016 paper, the OCC has formulated the following eight guiding principles to ensure that its framework supports responsible innovation consistent with safety and soundness, protection of consumer rights, and compliance with appropriate laws and regulations: (i) support responsible innovation; (ii) foster an internal culture receptive to responsible innovation; (iii) leverage agency experience and expertise; (iv) encourage responsible innovation that provides fair access to financial services and fair treatment of consumers; (v) further safe and sound operations through effective risk management; (vi) encourage banks of all sizes to integrate responsible innovation into their strategic planning; (vii) promote ongoing dialogue through formal outreach; and (viii) collaborate with other regulators. According to Curry’s remarks, the OCC’s forum helped “crystalize [] ideas for implementing a framework for innovation in the most effective way.”