Bank-Fintech Partnership Enhancement Act

This Act may be cited as the Bank-Fintech Partnership Enhancement Act.

The Board of Governors of the Federal Reserve System, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation shall carry out a study of—

(1) the impact of partnerships between banking organizations, on the one hand, and financial technology companies, on the other hand, on the banking sector, competition, innovation, consumer protection, and the availability of financial products and services, including the extent to which these partnerships 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; and

(2) what changes to Federal laws governing banking organizations, or to rules or guidance adopted by the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, or the Federal Deposit Insurance Corporation, may help promote effective partnerships between banking organizations, on the one hand, and financial technology companies, on the other hand.

Not later than 1 year after the date of enactment of this Act, the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation shall issue a report to Congress containing all findings and determinations made in carrying out the study required under subsection (a).

In this section, the term banking organization means 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).

The National Credit Union Administration shall carry out a study of—

(1) the impact of partnerships between credit unions, on the one hand, and financial technology companies, on the other hand, on the credit union sector, competition, innovation, consumer protection, and the availability of financial products and services, including the extent to which these partnerships support the formation of new credit unions, 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; and

(2) what changes to Federal laws governing credit unions, or to rules or guidance adopted by the National Credit Union Administration, may help promote effective partnerships between credit unions, on the one hand, and financial technology companies, on the other hand.

Not later than 1 year after the date of enactment of this Act, the National Credit Union Administration shall issue a report to Congress containing all findings and determinations made in carrying out the study required under subsection (a).