Bill > S4839

This bill, titled the "Bank-Fintech Partnership Enhancement Act," mandates that the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively referred to as the "agencies") conduct a comprehensive study on how collaborations between financial technology companies (fintechs) and banking organizations can foster the creation of new banks and improve the health of existing community banks. A "banking organization" is defined as a company that owns a bank or a bank that is insured by the FDIC. The study will examine the effects of these partnerships on competition, innovation, consumer protection, and the availability of financial services, specifically looking at how they might help new banks start, speed up product launches, reduce regulatory burdens, attract more customers, enhance technology, and provide access to varied funding. Furthermore, the agencies will investigate potential changes to federal laws or their own rules and guidance that could encourage more effective partnerships. A similar study will be conducted by the National Credit Union Administration for partnerships between credit unions and fintech companies. Both studies are required to be completed and reported to Congress within one year of the bill's enactment.