Financial Services Innovation Act of 2024

12/16/2024, 7:28 PM

Financial Services Innovation Act of 2024

This bill addresses the regulation of financial products and services. Specifically, the bill allows persons intending to offer a financial innovation to petition specified financial regulatory agencies regarding existing areas of regulation. A petitioner may request a modification or waiver of an agency regulation. The bill sets forth requirements regarding the petition process, a safe harbor for petitioners from enforcement, and enforceable compliance agreements. Agencies must biannually publish a list of financial regulatory areas the agency would consider modifying or waiving through the petition process.

The bill also establishes Financial Services Innovation Offices at these agencies to assist petitioners. These offices must also generally support the development of financial innovations and coordinate with other offices to share data.

The Financial Services Innovation Act of 2024, also known as Bill 118 hr 7440, is a piece of legislation introduced in the US Congress aimed at promoting innovation in the financial services industry. The bill seeks to create a regulatory framework that encourages the development and adoption of new technologies and business models in the financial sector.

One of the key provisions of the bill is the establishment of a regulatory sandbox, which would allow financial technology (fintech) companies to test new products and services in a controlled environment without having to comply with all existing regulations. This is intended to foster innovation and competition in the industry, while still protecting consumers and maintaining the stability of the financial system.

The bill also includes measures to streamline the regulatory approval process for new financial products and services, making it easier for companies to bring innovative solutions to market. Additionally, it calls for increased collaboration between regulators, industry stakeholders, and consumer advocates to ensure that regulations keep pace with technological advancements. Overall, the Financial Services Innovation Act of 2024 aims to strike a balance between promoting innovation and protecting consumers, with the ultimate goal of fostering a more dynamic and competitive financial services industry.
Congress
118
Number
HR - 7440
Introduced on
2024-02-23
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

2/23/2024
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Financial Services Innovation Act of 2024

This bill addresses the regulation of financial products and services. Specifically, the bill allows persons intending to offer a financial innovation to petition specified financial regulatory agencies regarding existing areas of regulation. A petitioner may request a modification or waiver of an agency regulation. The bill sets forth requirements regarding the petition process, a safe harbor for petitioners from enforcement, and enforceable compliance agreements. Agencies must biannually publish a list of financial regulatory areas the agency would consider modifying or waiving through the petition process.

The bill also establishes Financial Services Innovation Offices at these agencies to assist petitioners. These offices must also generally support the development of financial innovations and coordinate with other offices to share data.

The Financial Services Innovation Act of 2024, also known as Bill 118 hr 7440, is a piece of legislation introduced in the US Congress aimed at promoting innovation in the financial services industry. The bill seeks to create a regulatory framework that encourages the development and adoption of new technologies and business models in the financial sector.

One of the key provisions of the bill is the establishment of a regulatory sandbox, which would allow financial technology (fintech) companies to test new products and services in a controlled environment without having to comply with all existing regulations. This is intended to foster innovation and competition in the industry, while still protecting consumers and maintaining the stability of the financial system.

The bill also includes measures to streamline the regulatory approval process for new financial products and services, making it easier for companies to bring innovative solutions to market. Additionally, it calls for increased collaboration between regulators, industry stakeholders, and consumer advocates to ensure that regulations keep pace with technological advancements. Overall, the Financial Services Innovation Act of 2024 aims to strike a balance between promoting innovation and protecting consumers, with the ultimate goal of fostering a more dynamic and competitive financial services industry.
Alternative Names
Official Title as IntroducedTo promote innovation in financial services, and for other purposes.
Policy Areas
Finance and Financial Sector

Comments

Recent Activity

Latest Summary10/3/2024

Financial Services Innovation Act of 2024

This bill addresses the regulation of financial products and services. Specifically, the bill allows persons intending to offer a financial innovation to petition specified financia...

Latest Action12/4/2024
Placed on the Union Calendar, Calendar No. 654.