COMPLY’s fan-favorite panel Hear From the Regulators was back this year featuring speakers Paul Reymann from the Office of the Comptroller of the Currency (OCC) and Duane Pozza from the Federal Trade Commission (FTC), moderated by James Kim formerly of the Consumer Financial Protection Bureau (CFPB) and now at Ballard Spahr.
The panel kicked off the conference by focusing on one of COMPLY2017‘s overarching themes: Innovation. Change seems to be one of the only constants in the current regulatory environment. So how can companies, consumers and regulators stay up to date on the lightning fast developments in rules and technology? As Paul and Duane both expressed, their focus is on innovating responsibly.
As the OCC continues to expand their commitment to responsible innovation, their main initiative is to ensure that regulated industries across the board are operating in a safe and sound manner. The way Paul sees it, you must act like you are a regulated entity if you’re thinking of engaging in financial services.
The FTC has recently placed their focus on learning how the new technology is affecting consumers’ lives. In an effort to understand this concept, the FTC has established a new role, in-house Chief Technology Officer. The CTO focuses on not only the privacy aspect of technology, but also has the autonomy to explore other consumer issues that are not seen at a staff level, ultimately using that research to inform the FTC of other consumer issues.
Looking ahead, both regulatory agencies expect to see more emphasis placed on consumer protection during this period of innovation. Even with the new administration, both the OCC and FTC are as committed as ever to consumer protection.
If you couldn’t catch the Hear From the Regulators session live at COMPLY2017, we’ve got on demand content you can watch on your own time. Hear from top regulators on how to stay up to date with the lightning fast changes in rules and technology.
