Lawmakers in the House and Senate have introduced legislation to require banking agencies to study partnerships between financial technology companies and small- to medium-sized banks and credit unions to see how such arrangements could improve communities.
The Bank-Fintech Partnership Enhancement Act would require banking agencies to assess the extent to which bank-fintech partnerships support community bank health, as well as their effects on the banking sector, competition, innovation, consumer protection and the availability of financial products and services, according to the sponsors.
The bill was introduced in the House by Reps. Andy Barr (R-Ky.) and Josh Gottheimer (D-N.J.) and cleared the House Financial Services Committee by unanimous vote. It was introduced in the Senate by Sens. Pete Ricketts (R-Neb.) and Catherine Cortez Masto (D-N.V.).
