White House Orders Regulatory Review for Fintech and Financial System Security

Recent Executive Orders from the White House are directing federal financial regulators to examine current regulations. The aim is to both encourage innovation and competition within the fintech sector, particularly for smaller firms, and to enhance the integrity of the U.S. financial system against illicit activities. Regulators are tasked with proposing changes to Bank Secrecy Act rules within 90 days to improve customer due diligence.