FinTech Firm Spring Labs Former Head Of OCC Brian Brooks As Independent Directorbr>
Spring Labs, a FinTech firm transforming the exchange of sensitive data, has appointed Brian Brooks as its first independent director.
Spring Labs creates and oversees anonymous, decentralized data networks that vastly increase the amount, quality, and security of information available to market participants. It leverages sophisticated cryptographic tools and blockchain technology to provide data and metadata integrity guarantees, tamper-evident workflows, and privacy-preserving tokenization that allow for the corroboration of information without the exchange of underlying data. These interlocking technologies help mitigate fraud, improve verification capabilities, and securely provide access to previously unavailable data in the financial services industry.
Brooks is the former head of the US Office of the Comptroller of the Currency (OCC), the national banking regulator that oversees over 1,200 banks. Prior to his tenure at the OCC, Brooks was chief legal officer at Coinbase Global and Executive Vice President, General Counsel, and Corporate Secretary of Fannie Mae. Before those positions, he was vice chairman at OneWest Bank and managing partner at global law firm O’Melveny & Myers LLP. Brooks holds a bachelor’s degree from Harvard University in government and a law degree from the University of Chicago.
As Spring Labs’ independent director, Brooks will help integrate crypto into traditional financial system and find and enable the sharing of new sources of credit data to drive financial inclusion. It’s Brooks’ first publicly announced and significant commitment since leaving his post as the most innovative banking regulator in U.S. history, where he ushered in the most pro-innovation (FinTech charters; giving banking licenses to crypto companies; shaking up the entire payments landscape with stablecoins) and pro-inclusion policies (Project REACH which is all about new sources of credit data to drive inclusion).
“Brian has a remarkable perspective on where the industry is headed, and his experience has given him a unique lens on transformative technologies and how they are being adopted,” said Adam Jiwan, co-founder of Spring Labs. “We are thrilled that he shares our vision as we build the secure rails for data exchange.”
Brooks sees the Spring Labs platform as key “middleware” that builds upon his legacy at the OCC: integrating digital assets, such as cryptocurrencies, into the traditional financial system to allow the new technology to securely scale within federal regulatory frameworks, including KYC/AML and compliance laws. In addition to integrating crypto into traditional financial systems, by fundamentally altering the way consumer financial data is stored and shared (through blockchain and cryptographic technology), Spring Labs technology offers a unique combination of transparency and privacy that strengthens oversight while also unlocking new data sources that can be used to remove barriers that currently keep as many as 55 million Americans from fully utilizing modern financial services–or from being able to access them at all.
“Spring Labs is transforming financial data exchange in a way that is better for consumers,” Brian Brooks said in a statement. “I launched my financial inclusion initiative Project REACH while at the OCC, and I look forward to working with the Spring Labs team to bring the benefits of financial services to more Americans, while reducing cost and increasing security for everyone.”