Bank-Fintech Partnership Enhancement Act

The Bank-Fintech Partnership Enhancement Act directs federal banking regulators to study how collaborations between traditional banks and financial technology companies affect the industry. This research will examine impacts on competition, innovation, consumer safety, and the speed at which new financial products reach the market. The bill requires the Federal Reserve, the Office of the Comptroller of the Currency, and the FDIC to complete a report on banks within one year, while the National Credit Union Administration must do the same for credit unions. Ultimately, the legislation aims to identify potential legal or regulatory changes that could encourage more effective partnerships between these financial sectors.