ICBA expressed support for a proposed OCC pilot program that would provide eligible entities with regulatory input early in the testing of innovative financial products and services. Under the voluntary Innovation Pilot Program, OCC-regulated institutions would be able to propose pilots and collaborate with regulators before wide-scale introduction.
In a comment letter, ICBA said the program is a step in the right direction toward a regulatory framework that nurtures cooperation between banks and fintechs. ICBA said it has long supported a framework that fosters innovation while still requiring all financial service providers be subject to the same oversight and adhere to the same regulatory standards as banks.
ICBA also asked the OCC to refine the program by including an expedited approval process, allowing banks to participate in pilots developed by vendors, and permitting pilots to continue indefinitely.
Read ICBA Comment Letter
Read More from OCC