Banking and Finance Law Daily Wrap Up, FINANCIAL TECHNOLOGY—Senators introduce bill to study fintech deals with banks, credit unions, (Jun 22, 2026)
Organizations Mentioned:Federal Deposit Insurance Corp. | National Credit Union Administration | Office of the Comptroller of the Currency
By Jeff Williams
Banking agencies would have to assess how fintech partnerships impact competition, innovation, consumer protection, and bank formation.
Senators Pete Ricketts (R-Neb.) and Catherine Cortez Masto (D-Nev.) have introduced a bill that would require the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration to study the impacts partnerships between financial technology companies and small and medium-sized banks and credit unions.
The Bank-Fintech Partnership Enhancement Act calls for the Fed, Comptroller of the Currency, and FDIC to submit a report to Congress within one year about how such partnerships effect the “banking sector, competition, innovation, consumer protection, and the availability of financial products and services” and assess the extent to which such partnerships can “support the formation of new banking organizations, reduce time to market for products and services, lower compliance burdens, boost customer acquisition, improve technological capabilities, and provide access to more diverse funding sources.”
The bill would also require the agencies to detail what changes to federal laws governing banking organizations or rules or guidance adopted by the Fed, Comptroller of the Currency, or FDIC “may help promote effective partnerships between banking organizations and financial technology companies.”
The measure would also require the NCUA to submit a similar, separate report to Congress studying the impact of partnerships between fintech companies and credit unions.
“Technology should make banking easier, not harder,” Ricketts said in a press release. “My Bank-Fintech Partnership Enhancement Act is a step toward doing just that. Community banks and credit unions are the backbone of Nebraska’s rural communities. By studying the role of fintech services in small-to-medium sized banks, we can help these institutions cut costs, compete, and better serve Nebraskans.”
In the same release, Cortez Masto said that “Emerging technology has revolutionized the banking sector, and it’s our responsibility to ensure that these new resources are safely and effectively put to work helping our communities. By exploring how credit unions and community banks can best utilize fintech, we can expand access to banking services, protect the privacy of Americans’ financial information, and bolster consumer protections.”
Reps. Andy Barr (R-Ky.) and Josh Gottheimer (D-N.J.) introduced the measure in the House, where it was approved by the Financial Services Committee 53-0, the senators noted in the press release.
LegislativeActivity: BankingOperations ConsumerCredit FinancialIntermediaries FinTech GCNNews