This bill requires major federal banking regulators to study partnerships between traditional banks and financial technology companies (fintechs) to understand how these collaborations affect the banking industry. The Federal Reserve, Comptroller of the Currency, and FDIC must examine how bank-fintech partnerships impact competition, innovation, consumer protection, and the formation of new banks, while also identifying potential regulatory changes that could promote more effective partnerships. Additionally, the National Credit Union Administration must conduct a similar study focused on credit union-fintech partnerships and their effects on the credit union sector. Both studies must be completed and reported to Congress within one year of the bill's enactment. The legislation does not authorize any new funding, as it directs existing regulatory agencies to use their current resources to conduct these assessments.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.