President Donald Trump has signed an executive order putting fintech access to US payment infrastructure back on the regulatory agenda.

The order, Integrating Financial Technology Innovation into Regulatory Frameworks, gives federal financial regulators 90 days to review rules, guidance, supervisory practices and application processes that may affect fintech firms, including smaller and emerging companies.

Regulators must identify processes that could limit fintech-bank partnerships, slow applications for charters or deposit insurance, or affect access to payment infrastructure. The order also covers the use of digital assets and other newer financial activities within traditional financial services.

Fed access comes under review

The Federal Reserve has been asked to examine how uninsured depository institutions and non-bank financial companies can access Reserve Bank payment accounts and payment services.

The order says the review should include firms involved in digital assets, other novel financial activities and companies acting as direct participants in real-time payment networks. It asks the Fed to report its findings within 120 days.

The White House also wants the Fed to assess whether each of the 12 regional Federal Reserve Banks can grant or deny access independently, and what Board-level policies would be needed to make application decisions more consistent.

The order does not give fintechs immediate access to Federal Reserve accounts or payment services. Any change would depend on the Fed’s legal assessment, the outcome of the review and whether regulators or lawmakers need to make further changes.

Fintech groups welcome the order

The Financial Technology Association, a Washington, D.C.-based fintech trade body, welcomed the executive order.

“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,” said Penny Lee, president and CEO of the Financial Technology Association.

“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.”

The American Fintech Council, another US fintech trade group, also supported the move.

“AFC commends the Administration for continuing its work to modernize our nation’s financial regulatory framework through this executive order,” said Phil Goldfeder, CEO of the American Fintech Council.

“Prioritising the responsible integration of financial technology and digital assets into traditional financial services will help ensure that the U.S. remains at the forefront of global financial innovation.”

Credit unions face new pressure

Some industry reaction focused on what the order could mean for smaller financial institutions.

Amber Harsin, vice president of credit unions at cloud banking platform Mambu, said the order could change the relationship between traditional institutions and fintechs.

“For years, regulation created meaningful separation between institutions and fintechs. This Executive Order signals that those barriers are now being dismantled – quickly,” Harsin said.

She said community banks and credit unions could face a particular challenge if fintech firms gain easier routes into payment infrastructure.

“Fintechs win on speed and customer experience, while community institutions win on trust and purpose. As regulators level the competitive playing field, community banks and credit unions now face a defining challenge: bringing the same speed and adaptability to an industry where trust alone is no longer enough protection.”

Fed proposal runs in parallel

The executive order came one day before the Federal Reserve announced a separate consultation on a proposed ‘payment account’ for legally eligible financial institutions focused on clearing and settling payments.

The Fed proposal follows earlier public input and reflects rising interest from institutions with different business models seeking direct access to Federal Reserve payment services. Many of those requests involve institutions that do not have federal deposit insurance.

The proposed payment account would support clearing and settlement, while limiting risks to Reserve Banks and the wider payment system. Account holders would not receive intraday credit, would not access the discount window and would not earn interest on balances held at a Reserve Bank.

They would also only access payment services with automated controls designed to prevent overdrafts. The Fed said the proposal would not expand or change legal eligibility for Federal Reserve accounts or payment services.

That distinction matters. The White House order starts a wider regulatory review, while the Fed consultation deals with a specific account structure for institutions that already meet legal eligibility requirements.

FedNow adds to the access debate

The debate comes as instant payments become more useful for larger transactions in the US.

The Federal Reserve raised the FedNow Service network transaction limit for customer credit transfers and payment returns from $1 million to $10 million in November 2025. The limit for liquidity management transfers also rose from $2.5 million to $10 million.

Dave Scola, US CEO at payment technology company Form3, said the higher limit helps explain why more firms want access to instant payment rails.

“Instant payments are fast becoming table stakes in the United States. FedNow’s decision to raise its transaction limit to $10 million is a pivotal moment, making these rails credible for high-value use cases like home buying for the first time and opening the door to the business-to-business market as well,” Scola said.

He said the debate should not be reduced to banks versus fintechs.

“It’s no surprise, therefore, that fintechs are wanting in. But the notion of framing this debate as banks vs fintechs is misleading,” Scola said.

“If firms are seeking bank-like permissions, then consistent standards around capital, operational resilience, consumer protection and financial crime controls are critical. A level playing field and proportionate supervision are what ultimately sustain confidence in the financial system while enabling innovation to scale responsibly.”

Regulators begin their reviews

Trump’s order gives federal financial regulators 90 days to complete their initial reviews and 180 days to take steps that encourage innovation as a result of those reviews. The Fed has been asked to report on access to Reserve Bank payment accounts and payment services within 120 days.

For fintech firms, the process gives renewed political support to a long-running debate over direct access to payment infrastructure. For banks, credit unions and other regulated institutions, it brings new scrutiny to partnership models, access standards and the role of non-bank firms inside the US payments system.