Integrating Financial Technology Innovation Into Regulatory Frameworks
Directs financial regulators to develop frameworks that accommodate fintech innovation, including cryptocurrency exchanges, decentralized finance, and digital banking.
Section by Section
What each section does, and how they differ.
Establishes that U.S. is global leader in fintech innovation; policy directs federal government to streamline regulatory processes, reduce barriers to entry, and encourage collaboration between fintech firms, regulated institutions, and federal regulators.
Defines fintech firm as non-bank company using technology to offer financial products or services; defines bank, credit union, financial products and services, and federal financial regulators for purposes of the order.
Within 90 days, directs each federal financial regulator to review existing regulations and processes to identify those that could facilitate innovation and competition, particularly for small and emerging fintech firms.
Requests Federal Reserve Board to evaluate legal framework for access to Reserve Bank payment accounts by non-bank financial companies and uninsured institutions; requests report within 120 days on findings and recommendations.
Standard boilerplate: preserves existing agency authority, conditions the order on appropriations, and creates no enforceable private rights.