The OCC's Journey Towards Innovation

As part of its efforts to support responsible innovation, the OCC recently announced the creation of a pilot program for new and innovative products and services. The OCC has considered the idea of a pilot program since it first announced the creation of the Office of Innovation in October 2016, so this development has been a long time in the making. In this article we summarize several components of the pilot program, including the opportunity for banks and their third-party partners to seek regulatory input in the pre-launch stage of a product or service.