On Black Friday as most of us had been considering buying bargains or metabolizing a giant Thanksgiving meal a bombshell dropped concerning the OCC and its Workplace of Monetary Expertise.
The Info launched their story whereas Jason Mikula’s Fintech Enterprise Weekly revealed an investigative piece on the identical day (he first introduced this to our consideration in September) and Penny Crosman at American Banker additionally picked up the story.
The OCC’s Workplace of Monetary Expertise was established to supervise fintechs and banking-as-a-service and it was introduced in March that Prashant Bhardwaj was chosen to guide this new division.
Bhardwaj had reportedly held senior know-how positions at numerous giant banks together with Citi, Fifth Third and Huntington. The difficulty is these banks had no information of Bhardwaj ever being an worker not to mention a senior know-how government.
His “almost 30 years of economic business expertise” can be suspect provided that sources claimed that Bhardwaj is definitely 42 years previous.
This isn’t a great search for the OCC, a corporation entrusted to supervise all federally chartered banks. Certainly a few of their rank and file would have had private expertise in coping with Bhardwaj and caught this earlier than a public announcement was made.
The excellent news is that it seems Bhardwaj was not within the function lengthy as by the summer season the OCC had quietly up to date its web site with an performing head and now Donna Murphy, a deputy comptroller, is within the function.
However it does make you marvel concerning the hiring practices on the OCC…
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