Legis Daily

Financial Services Innovation Act of 2024

USA118th CongressHR-7440| House 
| Updated: 12/4/2024
Patrick T. McHenry

Patrick T. McHenry

Republican Representative

North Carolina

Cosponsors (2)
Byron Donalds (Republican)Tom Emmer (Republican)

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.

Bill Text Versions

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2 versions available

Suggested Questions

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Timeline

Bill from Previous Congress

HR 116-4767
Financial Services Innovation Act of 2019

Bill from Previous Congress

HR 117-9556
Financial Services Innovation Act of 2022
Feb 23, 2024
Introduced in House
Feb 23, 2024
Referred to the House Committee on Financial Services.
Apr 17, 2024
Committee Consideration and Mark-up Session Held
Apr 17, 2024
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 22.
Dec 4, 2024
Placed on the Union Calendar, Calendar No. 654.
Dec 4, 2024
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-792.
  • Bill from Previous Congress

    HR 116-4767
    Financial Services Innovation Act of 2019


  • Bill from Previous Congress

    HR 117-9556
    Financial Services Innovation Act of 2022


  • February 23, 2024
    Introduced in House


  • February 23, 2024
    Referred to the House Committee on Financial Services.


  • April 17, 2024
    Committee Consideration and Mark-up Session Held


  • April 17, 2024
    Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 22.


  • December 4, 2024
    Placed on the Union Calendar, Calendar No. 654.


  • December 4, 2024
    Reported (Amended) by the Committee on Financial Services. H. Rept. 118-792.

Finance and Financial Sector

Advisory bodiesBanking and financial institutions regulationCongressional oversightExecutive agency funding and structureFinancial services and investmentsGeneral Services AdministrationGovernment employee pay, benefits, personnel managementGovernment information and archivesGovernment studies and investigationsIntergovernmental relationsProduct development and innovation

Financial Services Innovation Act of 2024

USA118th CongressHR-7440| House 
| Updated: 12/4/2024
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 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.

Bill Text Versions

View Text
2 versions available

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 116-4767
Financial Services Innovation Act of 2019

Bill from Previous Congress

HR 117-9556
Financial Services Innovation Act of 2022
Feb 23, 2024
Introduced in House
Feb 23, 2024
Referred to the House Committee on Financial Services.
Apr 17, 2024
Committee Consideration and Mark-up Session Held
Apr 17, 2024
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 22.
Dec 4, 2024
Placed on the Union Calendar, Calendar No. 654.
Dec 4, 2024
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-792.
  • Bill from Previous Congress

    HR 116-4767
    Financial Services Innovation Act of 2019


  • Bill from Previous Congress

    HR 117-9556
    Financial Services Innovation Act of 2022


  • February 23, 2024
    Introduced in House


  • February 23, 2024
    Referred to the House Committee on Financial Services.


  • April 17, 2024
    Committee Consideration and Mark-up Session Held


  • April 17, 2024
    Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 22.


  • December 4, 2024
    Placed on the Union Calendar, Calendar No. 654.


  • December 4, 2024
    Reported (Amended) by the Committee on Financial Services. H. Rept. 118-792.
Patrick T. McHenry

Patrick T. McHenry

Republican Representative

North Carolina

Cosponsors (2)
Byron Donalds (Republican)Tom Emmer (Republican)

Financial Services Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Advisory bodiesBanking and financial institutions regulationCongressional oversightExecutive agency funding and structureFinancial services and investmentsGeneral Services AdministrationGovernment employee pay, benefits, personnel managementGovernment information and archivesGovernment studies and investigationsIntergovernmental relationsProduct development and innovation