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Crypto Finally Makes the Cut in OCC’s 2022 Bank Supervision Operating Plan

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The Office of the Comptroller of the Currency (OCC) launched its 2022 Bank Supervision Operating Plan on Friday and for the first time, crypto made the reduce.

In its report, the federal banking regulator listed its 11 supervisory priorities for the fiscal yr that ends subsequent September, together with cybersecurity, local weather change and “fintech partnerships for potential cryptocurrency-related activities and other services.”

Though that is the first time the OCC has immediately talked about crypto as a precedence, the regulator has been learning crypto for no less than three years. Last July, the OCC revealed an interpretive letter that allowed nationally chartered banks to supply crypto custody companies.

Many in the crypto group attributed the OCC’s crypto push to former Comptroller Brian Brooks, who left the OCC in January to briefly function CEO of Binance.US.

Michael Hsu, who changed Brooks as Comptroller in May, signaled larger warning on crypto, telling the House Financial Services Committee that he deliberate to maintain an open thoughts on crypto however could be reviewing actions taken underneath Brooks’ management to make sure banks remained secure for customers.

According to the OCC’s newest plan, the regulator will “identify banks that are implementing significant changes in their operations using new technological innovations…[and] evaluate the appropriateness of the governance processes when banks undertake significant changes.”

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