US Banking regulators, the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) are opening up virtual hours for industry players looking to discuss innovation and new technologies in banking.
The new meetings will be capped at one hour in length, slated for just two days, July 29-30. Those interested need to register by July 17, as per an announcement on July 2 announcement.
CFPB, OCC Host Virtual Innovation Office Hours https://t.co/1YGrKXGGq9 — OCC (@USOCC) July 2, 2020
Depending on the success of these meetings, this might become more of a regular feature.
The Securities and Exchange Commission’s FinHub too recently announced virtual meetups to build on a longer tradition of peer-to-peer engagement.
The Commodity Futures Trading Commission similarly held one-off meetings in February.
The OCC recently released its semi-annual risk perspective, a recurring report highlighting the state of the banking industry.
The edition made special mention of threats amid the COVID-19 pandemic and risks of working remotely, warning against:
“heightened cyber security risks, and potential fraud related to stimulus programs.”
A member of the OCC adds:
“This is a trend that we saw highlighted prior to COVID-19 in January of this year…Clearly covid-19 has opened up a whole new avenue for [bad actors].”