Bill > HR6552

This bill, titled the Bank-Fintech Partnership Enhancement Act, mandates that key federal financial regulators—the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC)—conduct a comprehensive study on how collaborations between traditional banking organizations (defined as companies that own or insure banks) and financial technology companies, or "fintechs," affect the banking industry. The study will examine the impact on competition, innovation, consumer protection, and the availability of financial services, specifically looking at how these partnerships can help new banks start, speed up product launches, reduce regulatory burdens, attract more customers, improve technology, and access diverse funding. Additionally, the regulators will investigate what changes to existing federal laws or their own rules might be necessary to foster more effective partnerships between banks and fintechs. A similar study will be conducted by the National Credit Union Administration (NCUA) regarding partnerships between credit unions and fintechs. Both studies are required to produce a report for Congress within one year of the bill's enactment.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/6552/all-info