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In May of this year, Brian Brooks took office as Acting Comptroller of the Currency. When Brooks assumed his position, he mentioned his priorities as supporting responsible innovation, enhancing the strength of the federal banking system by enhancing the scope and relevance of the national charter, and ensuring banks serve their respective communities.
During his relatively short tenure, Brooks has already made statements regarding the importance of branches despite a move to digital, approved the first national charter to a fintech organization, has suggested the creation of a federal payments charter, and is asking for input of how financial institutions store and transact in cryptocurrency.
It is clear that Brooks has a significantly expanded perspective on the role of the OCC than his predecessors have had, and is pushing other regulatory agencies to move forward quickly as well. It is also clear that the mission of Brooks and the OCC is far from complete. The pathway to the future has several hurdles, with trade associations not agreeing with several of the changes proposed.
With fintech and big tech firms continuing…
