Bank-Fintech Partnership Enhancement Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill directs the Federal Reserve, the Comptroller of the Currency, the FDIC, and the National Credit Union Administration to study the impact of partnerships between banks and fintech companies, as well as credit unions and fintech companies. The goal is to understand how these partnerships affect the financial sector, innovation, and consumer access to services, and to identify potential changes to regulations that could support these collaborations. The agencies will submit reports to Congress within a year outlining their findings.
Key provisions
- Requires the Federal Reserve, Comptroller of the Currency, FDIC, and NCUA to conduct studies.
- Focuses on partnerships between banks and fintech companies.
- Also examines partnerships between credit unions and fintech companies.
- Studies the impact on competition, innovation, consumer protection, and financial product availability.
- Analyzes how partnerships support new organization formation.
- Identifies potential regulatory changes to promote effective partnerships.
- Sets a one-year deadline for submitting reports to Congress.
Who is affected
- Banking Organizations
- Financial Technology Companies
- Credit Unions
- Federal Reserve System
- Comptroller of the Currency
Notable changes
- The bill mandates studies of partnerships between banks and fintechs, and credit unions and fintechs.
Bill text
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Sponsors
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2 on record
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