OCC Provides More Details on Innovation Pilot

According to Beth Knickerbocker, the OCC’s Chief Innovation Officer, the pilot program for banks to test innovative products will be launched by the end of 2019; the pilot will be available to OCC regulated banks interested in regulatory opinions on a new product or service; “This is a program that we’re comfortable with now but we want to make sure that there’s appropriate industry feedback,” said Knickerbocker, according to American Banker. “We hope that we could get it out as soon as the end of the year, but it’s hard to say.”; the pilot is separate from the fintech charter, this program is focused on banks and allowing them to test a wide range of ideas. Source.