By the power granted to me as President by the Constitution and the laws of the United States, the following is ordered:
Section 1. Policy. The United States stands at the forefront of financial innovation, largely propelled by the swift expansion of financial technology (fintech) companies. These companies offer cutting-edge services and solutions that improve access to financial products and services and foster economic opportunities for Americans. To promote this financial innovation, the Federal Government must revise regulations to incorporate digital assets and new technologies into traditional financial systems. Additionally, the Federal Government needs to eliminate excessive and fragmented regulations and supervisory practices that hinder entry and primarily serve established financial firms.
Thus, the United States is committed to refining regulatory processes, minimizing unnecessary entry barriers, and promoting collaboration among fintech firms, federally regulated financial institutions, and Federal financial regulators.
Sec. 2. Definitions. For the purposes of this order: (a) “Fintech firm” refers to a non-bank company utilizing or developing technology to offer or support financial products or services, including any application or digital technology facilitating access to, management of, or data processing for such services. These services may include payment processing, lending, deposit-taking, derivatives, investment management, brokerage services, underwriting, capital-market activities, custodial and fiduciary services, digital banking, digital asset-related services, securities and commodities market activities, and blockchain-based services. Such services also encompass activities outlined in section 4(k)(4) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(k)(4)).
(b) “Bank” is defined as per section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).
(c) “Credit union” is an “insured credit union,” as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752(7)).
(d) “Financial products and services” involve activities allowed under Federal or State laws for banks or credit unions and include the financial activities listed in Appendix A to 12 CFR Part 242.
(e) “Federal financial regulators” include the Consumer Financial Protection Bureau, the Securities and Exchange Commission, the National Credit Union Administration, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency.
Sec. 3. Streamlining Regulatory Processes. (a) Within 90 days of this order, the head of each Federal financial regulator is to review current regulations, guidance, supervisory practices, and application processes to identify potential updates that could support innovation and competition in financial products and services for fintech companies, especially those that are small and emerging. The review should pinpoint regulations, guidance documents, orders, no-action letters, and other items that unnecessarily obstruct fintech firms from partnering with federally regulated institutions, including insured depository institutions, credit unions, broker-dealers, investment advisers, and futures commission merchants. It should also identify items that could be revised to facilitate application processes for fintech firms seeking bank charters, credit union charters, deposit or share insurance, and other Federal licenses, registrations, and authorizations, balancing innovation with safety, consumer protection, market integrity, financial stability, and oversight.
(b) Within 180 days of this order, the head of each Federal financial regulator, in consultation with the Assistant to the President for Economic Policy, must take steps to foster innovation as a result of the review described in subsection (a).
Sec. 4. Access to Federal Reserve Services. (a) The Board of Governors of the Federal Reserve System (FRB) is requested to complete the actions outlined in section 3 of this order.
(b) The FRB is requested to conduct a thorough evaluation of the legal, regulatory, and policy framework governing access to Reserve Bank payment accounts and services by uninsured depository institutions and non-bank financial companies, including those involved in digital assets and other innovative financial activities (collectively, covered firms), and those participating directly in real-time payment networks. Within 120 days of this order, the FRB is requested to submit a report to the President, through the Assistant to the President for Economic Policy, outlining its findings, options, and any recommendations. The evaluation should assess:
(i) the legal authority of the Federal Reserve, under the Federal Reserve Act and other applicable Federal laws, to grant direct access to Federal Reserve payment accounts and services to covered firms;
(ii) options for expanding such access within legal limits, subject to suitable risk management requirements;
(iii) legal barriers that prevent direct access, a detailed analysis of those barriers, and legislative or regulatory options to enable such access while mitigating risks to the payment system, financial stability, and the U.S. economy;
(iv) whether, and to what extent, each of the 12 Federal Reserve Banks has the legal authority to independently grant or deny access to Reserve Bank payment accounts and services, and if so, what FRB-level regulations or policies have been established or proposed to ensure consistent evaluation of covered firms, regardless of the Federal Reserve Bank processing their applications.
(c) If the FRB determines, through its review under subsection (b), that existing law allows for the extension of direct access for covered firms to Reserve Bank payment accounts and services, the FRB is requested to establish clear application procedures for such access and to make decisions on complete applications within 90 days of their submission.
Sec. 5. General Provisions. (a) This order shall not be interpreted to affect:
(i) the authority granted by law to an executive department or agency, or its head; or
(ii) the functions of the Director of the Office of Management and Budget regarding budgetary, administrative, or legislative proposals.
(b) This order shall be implemented in accordance with applicable law and subject to the availability of appropriations.
(c) This order does not create any legal rights or benefits, substantive or procedural, enforceable by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
(d) The costs for publishing this order shall be covered by the Department of the Treasury.
DONALD J. TRUMP
THE WHITE HOUSE,
May 19, 2026.
