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BAFT News and Press Releases

 

BAFT Applauds OCC Responsible Innovation Framework

by User Not Found | Oct 28, 2016
BAFT applauds the OCC’s continued leadership in supporting responsible innovation in banking

By Samantha Pelosi, BAFT senior vice president for innovation and payments  

     “BAFT applauds the OCC’s continued leadership in supporting responsible innovation in banking. The OCC has been thoughtful, thorough, and transparent in the development of its Responsible Innovation Framework. We appreciate the OCC’s incorporation of BAFT’s suggestions regarding the establishment of a central Office of Innovation including Innovation Fellows, the implementation of a formal innovation outreach strategy, and the introduction of dedicated external and internal websites that serve as “one-stop shop” resources.  

     “The OCC’s provision of technical assistance and participation pilot programs upon request will be of critical importance in the development of innovative and compliant solutions. We commend the OCC for using research and industry input to inform policy and for beginning the process of updating existing guidance. In particular, we are encouraged by the OCC’s desire for collaboration with domestic and foreign regulators to share information and formulate consistent approaches towards innovation in financial services.

     “We look forward to working with the OCC to promote financial innovation by banks and non-banks alike through the implementation of its Responsible Innovation Framework.”

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BAFT, the leading global financial services association for international transaction banking, helps bridge solutions across financial institutions, service providers and the regulatory community that promote sound financial practices enabling innovation, efficiency, and commercial growth. BAFT engages on a wide range of topics affecting transaction banking, including trade finance, payments, and compliance. The association website is www.baft.org.