This bill requires the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) to carry out a study. The study will look at how partnerships between banks and financial technology companies (fintechs) can help start new banks and help community banks stay healthy. The agencies must examine whether such partnerships can reduce time to market for products, lower compliance burdens, boost customer acquisition, improve technology, and provide access to more diverse funding. The agencies must also study what changes to federal banking laws, rules, or agency guidance might help promote effective bank–fintech partnerships. The agencies must deliver a report to Congress with their findings and determinations within 6 months of the bill becoming law. The bill defines “banking organization” using the Federal Deposit Insurance Act definitions for depository institution holding companies and insured depository institutions.
If this bill becomes law, it does not change bank rules right away. It asks three federal banking regulators to study bank–fintech partnerships and report their findings to Congress within 6 months. Any actual changes to laws or agency rules would need later action by Congress or the agencies.
No publicly available information. The bill does not specify funding or provide a cost estimate. It requires the Federal Reserve Board, OCC, and FDIC to carry out the study and issue a report within 6 months.
No publicly available information on statements by supporters. The bill text directs the agencies to study whether partnerships can reduce time to market, lower compliance burdens, boost customer acquisition, improve technological capabilities, and expand access to funding for new and community banks.
No publicly available information on statements by opponents.