Bank-Fintech Partnership Enhancement Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill directs the Federal Reserve, the Comptroller of the Currency, and the FDIC to conduct a study on how partnerships between traditional banks and fintech companies can benefit the formation of new banks and the health of existing community banks. The study will examine the potential of these partnerships to reduce costs, improve efficiency, and expand access to financial services. The agencies are then required to report their findings and recommendations to Congress.
Key provisions
- Requires the Federal Reserve, Comptroller of the Currency, and FDIC to conduct a study.
- The study will focus on the impact of bank-fintech partnerships on new bank formation and community bank health.
- The study will assess how partnerships can reduce time to market, lower compliance burdens, and improve technological capabilities.
- The study will examine potential changes to federal laws and regulations to support effective partnerships.
- The agencies must submit a report to Congress within 6 months of the bill’s enactment.
Who is affected
- Banking Organizations
- Financial Technology Companies
- Federal Reserve System
- Comptroller of the Currency
- Federal Deposit Insurance Corporation
Bill text
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Sponsors
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7 on record
Primary sponsor
Cosponsors
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