Integrating Financial Technology Innovation Into Regulatory Frameworks
1. Purpose
To integrate financial technology innovation into regulatory frameworks to enhance access to financial services, streamline regulatory processes, and reduce barriers for fintech firms.
2. Key Actions And Directives
- Review Existing Regulations: Federal financial regulators must review existing regulations within 90 days to identify updates facilitating fintech innovation.
- Evaluate Payment Access: The Board of Governors of the Federal Reserve System must evaluate access to Reserve Bank payment accounts for uninsured institutions and report within 120 days.
- Streamline Application Processes: Establish transparent application procedures and determine complete applications within 90 days.
3. Important Points
- Focus on Fintech: The order emphasizes the importance of fintech firms in providing innovative financial products and services.
- Consumer Protection Balance: Regulatory updates must ensure a balance between innovation and safety for consumers.
- Federal Role in Costs: The Department of the Treasury will bear the costs related to the publication of this executive order.
- No New Rights Created: The order does not create enforceable rights or alter existing authority of agencies.
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