On Black Friday as most of us had been considering procuring bargains or metabolizing an enormous Thanksgiving meal a bombshell dropped in regards to the OCC and its Workplace of Monetary Know-how.
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 Know-how was established to supervise fintechs and banking-as-a-service and it was introduced in March that Prashant Bhardwaj was chosen to steer this new division.
Bhardwaj had reportedly held senior know-how positions at varied giant banks together with Citi, Fifth Third and Huntington. The difficulty is these banks had no data of Bhardwaj ever being an worker not to mention a senior know-how govt.
His “almost 30 years of monetary business expertise” can also be suspect on condition that sources claimed that Bhardwaj is definitely 42 years outdated.
This isn’t a superb search for the OCC, a corporation entrusted to supervise all federally chartered banks. Absolutely 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 position lengthy as by the summer season the OCC had quietly up to date its web site with an appearing head and now Donna Murphy, a deputy comptroller, is within the position.
But it surely does make you surprise in regards to the hiring practices on the OCC…
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Did the OCC rent a con artist to supervise fintech?
An investigation uncovered the truth that Prashant Bhardjwan, whom the Workplace of the Comptroller of the Foreign money employed to be Deputy Comptroller and Chief Monetary Know-how Officer in March, had a resume stuffed with lies.
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