Overview
- The White House issued the executive order on May 19, 2026, directing six federal regulators to complete 90‑day reviews of rules and to take steps within 180 days to reduce barriers for non‑bank fintech firms.
- Section 4 asks the Federal Reserve to report within 120 days on the legal and policy framework for extending Reserve Bank master accounts and, if law permits, to set transparent application procedures with 90‑day decision targets.
- Agencies have begun reviews and the order creates near‑term milestones that could produce proposed rules, guidance, or supervisory changes by mid‑August, mid‑September, and mid‑November 2026.
- The order does not change statutes or create private rights and any Fed expansion faces legal limits, supervisory questions, and possible funding or congressional action that could block or reshape implementation.
- If the Fed allows direct access, fintech firms could remove sponsor‑bank dependencies and reorganize payment architecture, while banks, regulators, and customers would face new compliance, AML, and competition consequences; past Reserve Bank moves and court rulings frame the debate.