Executive Order 14405

Integrating Financial Technology Innovation Into Regulatory Frameworks

Signed May 19, 2026, printed at 91 FR 30475. 4 sections of substance, 1,245 words.

In plain English

This order is about fintech firms. Those firms offer money services without a bank. It asks agencies to make room for them in the rules.

Read it at the Federal Register →

Sec. 1. Policy

The United States is a global leader in financial innovation, driven in part by the rapid growth of financial technology (fintech) firms. These firms provide innovative services and solutions that enhance access to financial products and services and create economic opportunity for all Americans. To foster this financial innovation, the Federal Government must update regulations to allow integration of digital assets and innovative technology into traditional financial services and payment systems. The Federal Government must also remove overly burdensome and fragmented regulations and supervisory practices that form barriers to entry and primarily benefit incumbent financial services firms. It is therefore the policy of the United States to streamline regulatory processes, reduce unnecessary barriers to entry, and encourage collaboration between fintech firms, federally regulated

In plain English

This states the policy. It says this country leads in financial innovation. It credits new technology firms for much of that. It says they widen access to financial services. It says rules must be updated. Digital assets should fit into normal banking. It says heavy, scattered rules block new entrants. It says those rules mostly help big firms.

Sec. 2. Definitions

For the purposes of this order: (a) ``Fintech firm'' refers to a non-bank company that uses or develops technological means to offer or support the offering of financial products or services, including, but not limited to, any application or any digital or online technology that facilitates access to, management of, or data processing for financial products or services. Such financial products or services may include, but are not limited to, payment processing, lending, deposit-taking, derivatives, investment management, brokerage services, underwriting and capital-market activities, custodial and fiduciary services, digital banking, digital asset-related services, securities and commodities market activities, and blockchain-based services. For the avoidance of doubt, such financial products or services also include the activities set forth in paragraphs (A) through (G) of section

In plain English

This defines one term. A fintech firm is a non bank that uses technology. It offers financial products or supports them. Apps count. So do online tools. Payment processing is named. So is lending. So is taking deposits. So is managing investments. So is brokerage. Digital asset services count. So do blockchain services.

Sec. 3. Streamlining Regulatory Processes

(a) Within 90 days of the date of this order, the head of each Federal financial regulator shall conduct a review of existing regulations, guidance, supervisory practices, and application processes to identify those that could be updated to facilitate innovation, [[Page 30476]] and competition to financial products and services for fintech firms, particularly those that are small and emerging. The reviews shall identify regulations, guidance documents, orders, no-action letters, and other items that unduly impede fintech firms from entering into partnerships with federally regulated institutions (including insured depository institutions, credit unions, broker-dealers, investment advisers, and futures commission merchants), as well as regulations, guidance documents, orders, no-action letters, and other items that could be amended to streamline application processes for eligible fintech

In plain English

This orders a review. Each financial regulator has 90 days. It must review its rules and guidance. Supervision and application steps count too. The aim is to find what blocks new firms. Small and new firms are the focus. It must flag items that block deals with banks. Credit unions count. So do brokers and advisers.

Sec. 4. Access to Federal Reserve Services

(a) The Board of Governors of the Federal Reserve System (FRB) is requested to complete the actions described in section 3 of this order. (b) The FRB is requested to conduct a comprehensive evaluation of the legal, regulatory, and policy framework governing access to Reserve Bank payment accounts and payment services by uninsured depository institutions and non-bank financial companies, including those engaged in digital assets and other novel financial activities (collectively, covered firms), and those functioning as direct participants in real-time (instant) payment networks. Within 120 days of the date of this order, the FRB is requested to submit a report to the President, through the Assistant to the President for Economic Policy, setting forth its findings, options, and any recommendations. The evaluation is requested to assess: (i) the legal authority of the Federal Reserve,

In plain English

This is about the Federal Reserve. It is asked to do the same review. It is also asked to study who may use its payment accounts. Uninsured banks are named. So are non bank finance firms. Digital asset firms count. So do firms in instant payment networks. A report is asked for in 120 days. It goes to the President.

Sec. 5. General Provisions

Every order carries this. It is not what the order does.

(a) Nothing in this order shall be construed to impair or otherwise affect: (i) the authority granted by law to an executive department or agency, or the head thereof; or (ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals. [[Page 30477]] (b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations. (c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person. (d) The costs for publication of this order shall be borne by the Department of the Treasury. <GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT> (Presidential Sig.) THE WHITE HOUSE, May 19,

In plain English

This is the closing clause that nearly every order carries. It says the order does not change what the law already allows. It also says no one can sue to enforce it.

How this order is quoted

Each section is quoted as the order prints it, under its own number and heading. Executive orders are United States government works and are not under copyright. Long sections are cut at a sentence and the whole order is a click away.