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Cryptocurrency Is Included In OCC's 2022 Bank Supervision Operating Plan For The First Time
Summary: The Office of the Comptroller of the Currency (OCC) released the Fiscal Year 2022 Bank Supervision Operating Plan on Friday, cryptocurrency was included in the plan for the first time. In the list of 11 regulatory priorities, OCC wrote:" Fintech/Cryptocurrency: Examiners should identify banks that are implementing significant changes in their operations using new technological innovations ...
The Office of the Comptroller of the Currency (OCC) released the Fiscal Year 2022 Bank Supervision Operating Plan on Friday, cryptocurrency was included in the plan for the first time.
In the list of 11 regulatory priorities, OCC wrote:" Fintech/Cryptocurrency: Examiners should identify banks that are implementing significant changes in their operations using new technological innovations and evaluate implementation, including use of cloud computing, artificial intelligence, and digitalization in the risk management processes. Examiners should evaluate the appropriateness of governance processes when banks undertake significant changes."
In July last year, the OCC issued an explanation letter allowing Federal Chartered Banks to provide crypto custody services.
By Mary Liu
Tags: Cryptocurrency,Fintech,OCC,Regulation
Link: Cryptocurrency Is Included In OCC's 2022 Bank Supervision Operating Plan For The First Time [Copy]
