Bank-Fintech Partnership Enhancement Act
Sponsors
Legislative Progress
ReportedMr. Barr introduced the following bill; which was referred to …
Summary
What This Bill Does
The Bank-Fintech Partnership Enhancement Act requires three federal banking regulators (the Federal Reserve, Office of the Comptroller of the Currency, and FDIC) to study how partnerships between traditional banks and financial technology companies can help create new banks and strengthen community banks. The study must be completed within 6 months and delivered to Congress.
Who Benefits and How
Financial technology companies (fintechs) stand to benefit as the study could lead to reduced regulatory barriers for bank-fintech partnerships. Community banks and new bank applicants may benefit if the study recommends policies that make it easier to partner with fintechs to reduce compliance costs, speed up product development, and improve technology capabilities. Banking organizations could gain access to more diverse funding sources through fintech partnerships.
Who Bears the Burden and How
The Federal Reserve, OCC, and FDIC must allocate staff time and resources to conduct the study and produce the Congressional report within 6 months. This is a modest administrative burden on these agencies.
Key Provisions
- Mandates a joint study by the Federal Reserve, OCC, and FDIC on bank-fintech partnerships
- Study must examine how partnerships can support new bank formation and community bank health
- Study must identify potential changes to federal banking laws, rules, or guidance to promote partnerships
- Report to Congress required within 6 months of enactment
- Defines "banking organization" as depository institution holding companies and insured depository institutions
Evidence Chain:
This summary is derived from the structured analysis below. See "Detailed Analysis" for per-title beneficiaries/burden bearers with clause-level evidence links.
Primary Purpose
Requires federal banking regulators to study how partnerships between financial technology companies and banking organizations can support new bank formation and community bank health.
Policy Domains
Legislative Strategy
"Require regulatory agencies to study and report on fintech-bank partnerships to inform future policy changes that could reduce regulatory barriers to innovation"
Likely Beneficiaries
- Financial technology companies
- Community banks
- New bank applicants
- Banking organizations seeking technology partnerships
Likely Burden Bearers
- Federal Reserve Board
- Office of the Comptroller of the Currency
- FDIC (must conduct study and report)
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_fdic"
- → Federal Deposit Insurance Corporation
- "the_board"
- → Board of Governors of the Federal Reserve System
- "the_comptroller"
- → Comptroller of the Currency
Key Definitions
Terms defined in this bill
A depository institution holding company or an insured depository institution, as such terms are defined, respectively, under section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology