For Immediate Release
October 26, 2016
ABA Media Contact: Sarah Grano
(202) 663-5470
Email: sgrano@aba.com
Follow us on Twitter: @ABABankers

ABA Welcomes OCC Responsible Innovation Framework

By Rob Nichols, ABA president and CEO

​“We are encouraged by the steps OCC is taking to help facilitate financial innovation. We appreciate their responsiveness to our feedback for instance, our suggestion to establish a resource center, and to provide community banks with technical assistance and resources for working with third parties.
 
“The OCC’s efforts to test innovative financial products in a controlled environment are a step in the right direction. Ultimately, banks should be able to pursue innovative initiatives to serve their customers in an environment that provides regulatory flexibility and clarity.
 
“We look forward to continuing our collaboration with OCC to ensure banks remain leaders of financial innovation.”
 
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The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend more than $8 trillion in loans.