OCC Establishes Office of Financial Technology

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced the establishment of its Office of Financial Technology and the selection of Prashant Bhardwaj to lead the office as Deputy Comptroller and Chief Financial Technology Officer, effective April 10, 2023.

In October 2022, the OCC announced that it would expand upon its Office of Innovation and establish an Office of Financial Technology in early 2023 to bolster the agency’s expertise and ability to adapt to the rapid pace of technological changes in the banking industry. The Office of Financial Technology broadens the OCC’s focus in this area and ensures the agency’s leadership and agility in providing high-quality supervision of bank-fintech partnerships. It further enhances the agency’s knowledge and expertise of financial technology platforms and applications in support of the OCC’s mission.

In his role as Deputy Comptroller and Chief Financial Technology Officer, Mr. Bhardwaj will lead the team responsible for analysis, evaluation, and discussion of relevant trends in financial technology, emerging and potential risks, and the potential implications for OCC supervision. The Office will enhance the OCC’s expertise on matters regarding digital assets, fintech partnerships, and other changing technologies and business models within and that affect OCC-supervised banks.

Mr. Bhardwaj joins the agency after nearly 30 years of experience serving in a variety of roles across the financial sector.

He holds a master’s degree in accounting from University of Cincinnati and a master’s degree in business administration from the International Management Institute Universiade de Brussels.