in effect
Executive Order 14405, signed May 19, 2026, directs federal financial regulators to review and reduce regulatory barriers facing financial technology (fintech) companies. It also asks the Federal Reserve to evaluate whether non-bank financial firms can gain direct access to Federal Reserve payment accounts and services.
Within 90 days, the heads of the Consumer Financial Protection Bureau, SEC, NCUA, CFTC, FDIC, and OCC must each review their rules, guidance, and application processes to find obstacles that slow fintech firms from partnering with regulated financial institutions or obtaining bank charters and licenses. Within 180 days, those same regulators must take concrete steps to act on what they found. The Federal Reserve has 120 days to submit a report to the President assessing its legal authority to grant non-bank firms direct access to Fed payment accounts, options for expanding that access, and how to handle applications consistently across all 12 regional Federal Reserve Banks. If the Fed concludes current law allows such access, it must establish a transparent application process and decide on complete applications within 90 days of receipt.
Fintech companies — non-bank firms that use technology to offer services such as payments, lending, digital banking, and cryptocurrency — are the primary target beneficiaries, as the order aims to make it easier for them to partner with banks and obtain federal licenses. Federally regulated banks, credit unions, broker-dealers, and investment advisers are also affected because new rules could change how and with whom they are permitted or encouraged to partner. Consumers are indirectly affected to the extent that reduced barriers to entry may expand the number of firms offering financial products, though the order itself does not guarantee any specific outcome for consumers.