The Office of the Comptroller of Currency has named Donna Murphy, an agency insider, as the new chief of its fintech office, an OCC spokesperson told Banking Dive on Wednesday.
Murphy stepped into the role in an acting capacity this month, the spokesperson said. Murphy replaces former deputy comptroller and chief financial technology officer Prashant Bhardwaj, who had been tapped to lead the OCC’s newly established Office of Financial Technology in April.
Murphy is focusing on advancing the activities of the Office of Financial Technology while the OCC is working on filling the position with a permanent deputy comptroller, the spokesperson said.
It’s not clear when Bhardwaj left his position as head of the fintech office. An OCC spokesperson declined to comment on Bhardwaj’s exit from the agency, saying the regulator does not comment on “personnel issues.”
According to an OCC press release, Bhardwaj joined the OCC with nearly 30 years of experience working in a wide array of positions in the financial industry.
Last October, the OCC revealed plans to enlarge its Office of Innovation and establish the Office of Financial Technology. The OCC said the goal was to increase expertise and keep pace with the rapid technological progress in the banking space while overseeing fintech partnerships and shifts in technologies and business models within OCC-regulated banks.
The role of the deputy comptroller and chief financial technology officer is to head a team accountable for assessing, evaluating, and discussing pertinent trends in financial technology, emerging and potential risks and implications of OCC regulations, according to the agency.
Murphy is also the deputy comptroller for compliance risk policy at the OCC. She serves as a key adviser to the Committee on Bank Supervision and the comptroller on compliance and Community Reinvestment Act matters. She took up this role in 2016.
Prior to joining the OCC in March 2013, Murphy served in the civil rights division of the Justice Department.