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.
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 22.
Placed on the Union Calendar, Calendar No. 654.
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.
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