Financial regulators are also asked to review regulations that could be amended to streamline applications for eligible fintech firms seeking bank and credit union charters.
US President Donald Trump signed an executive order on Tuesday to review any barriers that might be stifling fintech innovation or preventing access to banking partnerships and payment rails.
The order directs the Federal Reserve Board to evaluate the legal, regulatory and policy framework governing fintech and crypto firms' access to Federal Reserve payment systems and submit a report to Trump within 120 days.
The governors have also been asked to assess the Federal Reserve's legal authority to grant direct access to fintech and crypto firms and to explore “options for expanding such access to the extent permitted by law, subject to appropriate risk management requirements.”
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