Bank-Fintech Partnerships Come Under Study in Senators’ Bill

A bipartisan pair of senators is introducing legislation Thursday to examine the potential benefits of bank partnerships with financial technology companies, giving the measure new bicameral support.

Sens. Pete Ricketts (R-Neb.) and Catherine Cortez Masto (D-Nev.), members of the Senate Banking Committee, are unveiling companion legislation to the House-led Bank-Fintech Partnership Enhancement Act (H.R. 6552), a spokesperson for Ricketts told Bloomberg Government.

The bill, first introduced in the House last month by Rep. Andy Barr (R-Ky.), would require the Federal Reserve Board, the Comptroller of Currency and the Federal Deposit ...