On April 19, 2023, Acting Comptroller of the Currency Michael J. Hsu discussed the OCC’s approach to open banking during his talk at FDX Global Summit Spring 2023. Hsu highlighted the evolution of open banking and its potential impact on the OCC’s supervision in the context of liquidity, operational, third-party, and compliance risks.
In his remarks, Hsu also discussed the importance of data, and the relationship of banking and commerce, in the development of open banking to build trust among consumers and the public. According to Hsu, banks will need to expand from reliably handling their customers’ money, to also reliably handling their financial data. Hsu concluded his remarks by stressing that in banking, trust is everything and that an open banking culture must recognize and put trust above other objectives, including growth and profit, to succeed and thrive over time.
Read the OCC’s news release here.
A copy of Hsu’s full remarks can be found here.