Financial regulators must review rules affecting fintech firms

Each federal financial regulator must review its rules and processes and then take steps to encourage innovation. The review covers fintech firms, especially small and new firms, and their partnerships with banks, credit unions, broker-dealers, investment advisers and other regulated financial companies. Regulators must balance innovation with safety, consumer and investor protection, market integrity, financial stability and oversight. The review may identify changes to rules, guidance, orders, no-action letters and licensing or charter applications; the order does not itself make those changes. The review must be completed within 90 days of May 19, 2026. Regulators must take steps based on the review within 180 days of that date.

The Federal Reserve is requested to study access to its payment accounts and services and submit findings, options and recommendations. The study covers uninsured depository institutions and nonbank financial companies, including firms involved in digital assets or other new financial activities and firms joining instant-payment networks directly. The evaluation must examine Federal Reserve legal authority, legal barriers, risk controls, financial stability and possible legislative or regulatory options. The Federal Reserve is requested, not required by this order, to establish clear application procedures and decide complete applications within 90 days if it concludes that existing law allows direct access. The report is requested within 120 days of May 19, 2026. Any 90-day application deadline would apply only if the Federal Reserve finds that existing law permits the access.

Agencies must carry out the order within their existing legal authority and available funding. These limits apply to every direction and requested action in the order. The order does not override agency authority, budget rules or the Office of Management and Budget's responsibilities. No person or organization may enforce a new right or benefit against the United States based on this order. These limits apply when the order is implemented.