Action signals commitment to a competitive, innovative, and modern financial system
WASHINGTON, D.C. – The Financial Technology Association (FTA) welcomes President Trump’s executive order directing federal agencies to identify and address barriers to fintech access to the U.S. financial system, including a directive for the Federal Reserve to clarify eligibility criteria and pathways for nonbank payment companies seeking access to federal payment services.
“This executive order is a win for the millions of Americans who rely on fintech products every day to pay bills, manage their money, and access financial services. By directing federal agencies to find ways to expand access to financial technology tools, this Administration is taking meaningful steps to modernize our financial system and put consumers and small businesses first,” said Penny Lee, President and CEO of the Financial Technology Association. “The U.S. has long been home to the most innovative financial companies in the world. This order helps ensure that those innovations actually reach the people who need them most, including those left behind by traditional institutions. We look forward to working with the Administration to turn this commitment into real policy progress.”
FTA has long advocated for broad chartering authority and clear, workable pathways for nonbank payment companies to apply for access to the Federal Reserve’s payment infrastructure, including FedNow, FedACH, and Fedwire. Alongside the bipartisan PACE Act, introduced by Reps. Young Kim and Sam Liccardo, this executive order represents significant momentum toward modernizing the U.S. payments system and reducing the cost of moving money for consumers and small businesses.
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The Financial Technology Association (FTA) is a network of fintech industry leaders shaping the future of finance. We champion financial innovation and advocate for policies that expand competition, access, and opportunity.