Featured Product

    OCC Proposes Innovation Pilot Program for Supervised Financial Firms

    April 30, 2019

    OCC proposed an Innovation Pilot Program for testing of innovative activities in the financial sector. The program would be voluntary and designed to provide eligible entities with regulatory input early in the testing of innovative activities that could present significant opportunities or benefits to consumers, businesses, financial institutions, and communities. Comment period for this proposal expires on June 14, 2019.

    Entities eligible for the proposed program would be OCC-supervised financial institutions, including those engaging a third party to offer the innovative product, service, or process. Entities may propose a pilot individually or as a collaborative effort such as a consortium or utility. To be eligible, entities seeking to participate in the program should demonstrate how OCC involvement in the pilot is appropriate and how the proposed activity has the potential to achieve one or more of the following:

    • Meet the evolving needs of consumers, businesses, and communities
    • Promote financial inclusion, fair access, and fair treatment of consumers or small businesses
    • Improve the efficiency or effectiveness of bank processes, operations, or the provision of financial services
    • Mitigate significant risks to individual banks or the overall banking system
    • Advance risk management, security, and regulatory compliance

    The program generally provides for OCC engagement in a pilot lasting no less than three months and no greater than 24 months. The duration of the pilot will be assessed on a case-by-case basis and should be commensurate with the nature and objectives of each proposed pilot as well as with the related risks. Within the program, OCC will consider tailored regulatory tools on a case-by-case basis, based on the facts and circumstances presented during the evaluation process. OCC will consider using these tools only when their use would not violate existing laws, involve an unsafe or unsound practice, or cause an unsafe or unsound condition.

     

    Related Links

    Comment Due Date: June 14, 2019

    Keywords: Americas, US, Banking, Fintech, Regtech, Innovation Pilot Program, Testing Pilot, OCC

    Related Articles

    PRA Publishes Q&A on Property Valuation Requirements Under CRR

    PRA published a set of questions and answers (Q&A) covering common queries regarding residential and commercial property valuations, for the purpose of the Capital Requirements Regulation (CRR), during the period of disruption caused by COVID-19 pandemic.

    May 29, 2020 WebPage Regulatory News

    EBA Publishes Guidelines on Loan Origination and Monitoring

    EBA published guidelines on loan origination and monitoring, which bring together prudential standards and consumer protection obligations, along with the anti-money laundering and the Environmental, Social, and Governance (ESG) considerations.

    May 29, 2020 WebPage Regulatory News

    EBA Proposes Revised Standards for Own Funds and Eligible Liabilities

    EBA published a consultation paper on the draft amended regulatory technical standards on own funds and eligible liabilities.

    May 29, 2020 WebPage Regulatory News

    EBA Sets Out Supervisory Convergence Plan for 2020

    EBA published a report on convergence of supervisory practices in 2019.

    May 29, 2020 WebPage Regulatory News
    News

    IOSCO Consults on Outsourcing Principles for Operational Resilience

    IOSCO proposed updates to its principles for regulated entities that outsource tasks to service providers.

    May 28, 2020 WebPage Regulatory News
    News

    MAS Consortium to Develop AI Fairness Metrics for Credit Scoring

    MAS announced that the first phase of the Veritas initiative will commence with the development of fairness metrics in credit risk scoring and customer marketing.

    May 28, 2020 WebPage Regulatory News

    BoE Updates Definitions for BTL Data Collection

    BoE published the Statistical Notice 2020/4 to update the buy-to-let (BTL) Phase 2 and Phase 3 definitions for the Interest Rate Type data item.

    May 28, 2020 WebPage Regulatory News
    News

    FSI Examines Financial Stability Implications of Payment Deferrals

    FSI published a brief note that examines challenges facing the banking sector as a result of the payment deferral programs put in place to support borrowers affected by the COVID-19 pandemic.

    May 28, 2020 WebPage Regulatory News
    News

    RBNZ Publishes Financial Stability Report for May 2020

    RBNZ published the financial stability report for May 2020. This review of the financial system in the country highlights that the economic disruption associated with COVID-19 will present challenges to the financial system.

    May 27, 2020 WebPage Regulatory News
    News

    PRA Finalizes Policy on Prudent Person Principle Under Solvency II

    PRA published the policy statement PS14/20, which contains the supervisory statement SS1/20 and the feedback to responses to the consultation paper CP22/19 on expectations for investment by firms in accordance with the Prudent Person Principle, or PPP, as set out in the Investments Part of the PRA Rulebook.

    May 27, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5234