- “The June 4 advance notice of proposed rulemaking noted that for banks to remain competitive, they “should adjust their business models and practices to a new financial marketplace and changing customer demands.”
- Acting Comptroller Brian Brooks and the OCC understand that technology is reshaping the landscape by changing not only the means of finance, but the rules of the game. In each of these new technological developments, trusted financial intermediaries are being replaced, often by digital peers.
- Today, the registered open-end fund industry has attracted 104 million investors from more than 46% of American households and now eclipses the U.S. bank deposit market in terms of assets under management. Those are investors that otherwise might have deposited their $25 trillion in banks.”
Brian Brooks – Acting Comptroller
Office of the Comptroller of the Currency