For Immediate Release
March 31, 2016
​​BAFT Media Contact: Blair Bernstein
(202) 663-5468
Follow us on Twitter: @BAFT_Global
​​

BAFT Welcomes OCC’s Principles for Responsible Innovation

By Samantha Pelosi, Senior Vice President, Payments and Innovation ​

          “We appreciate the OCC’s announcement today, which demonstrates its interest in understanding emerging financial technology and willingness to offer a guiding light where there may be a lack of regulatory clarity.

         “BAFT applauds the OCC’s commitment to improve its internal processes and structure for evaluating innovation, promote meaningful dialogue with industry through formal outreach, and collaborate with fellow regulators.  In combination, these measures will go a long way in creating a more nurturing environment for innovation and economic growth while continuing to ensure the safety and soundness of the financial system.

         “Today, the U.S. joins the U.K., Singapore, Australia and other governments in recognizing that thoughtful collaboration and coordination among regulators and the private sector is crucial to ensuring the modernization of financial services. Innovation requires freedom to test new ideas while having clarity on necessary standards, and public-private sector collaboration is an essential path. 

         “BAFT is eager to engage with the OCC to ensure consistency in regulatory expectations across jurisdictions as they apply to emerging technology solutions.  We are keen to facilitate collaboration among banks, nonbanks, and regulators so that all parties are comfortable with the launch and continued iteration of new products and services that will ultimately better serve the financial needs of citizens.

         “BAFT's members, both banks and fintech companies alike, will continue to contribute to the global conversation on the intersection of innovation and regulation that the OCC moved forward today.”

About BAFT
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.