The Office of the Comptroller of Monetary Engineering (OCC) officially announced the establishment of its Office of Financial Technology on March 30th. The new office will broaden the technical key points of OCC and help it keep pace with the rapid development of banking, it said.

The Financial Technology Office will be established on April 10th under the leadership of Prashant Bhardwaj, who will serve as OCC Deputy Comptroller and Top Financial Technology Officer. Bhardwaj is a new employee of the organization. According to the publicity,:

Mr. Bhardwaj will lead a team of cadres to analyze, evaluate and explore the development trends, new and hidden risks of financial technology, as well as potential hazards to OCC management and control. "

Plans to create a new office were announced in October. This will combine to expand OCC's Breakthrough Office, which was established in 2017.

OCC, an independent agency of the Ministry of Finance, has been under the leadership of Michael Hsu, the acting director of monetary engineering since May 2021. Our bureau controls the "National" Commercial Service Bank of the United States, which is a member of the Federal Reserve and is insured by the Federal Deposit Insurance Corporation.

OCC has repeatedly warned banks not to get along with login passwords, especially in their empirical letters. In addition, it is one of three banking regulators that issued a joint declaration earlier this year to warn banks of the risks of data encryption.

"Banking organizations will neither be banned nor blocked from providing banking services to all special types or categories of users," but owning encrypted assets as a cost is "likely to be inconsistent with secure and stable banking practices," OCC wrote with the Fed meeting and FDIC.

Magazines and periodicals: unstable money: pegging, bank crowding and other risks Brooks no delay