Bill > HR6552

This bill requires the Federal Reserve, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) to conduct a comprehensive study on partnerships between traditional banks and financial technology (fintech) companies. The study will examine how these partnerships can support the formation of new banking organizations and improve the health of community banks, focusing on potential benefits such as faster product development, reduced compliance costs, more effective customer acquisition, enhanced technological capabilities, and access to diverse funding sources. Additionally, the bill directs these agencies to identify potential legal or regulatory changes that could facilitate more effective collaborations between banks and fintech companies. The agencies must complete the study and submit a detailed report to Congress within six months of the bill's enactment. The bill defines a "banking organization" as a depository institution holding company or an insured depository institution, using the standard definition from the Federal Deposit Insurance Act. The goal of the study is to explore ways to support innovation and growth in the banking sector by leveraging fintech partnerships.

Business and Industry

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