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118-hr-7440Introduced
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Financial Services Innovation Act of 2024

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Summary

Official CRS summary

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.

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Bill details

Congress
118
Bill type
hr
Introduced
February 23, 2024
Sponsor
Not yet available
Last action
December 4, 2024— Placed on the Union Calendar, Calendar No. 654.

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