Financial Services Innovation Act of 2016

Financial Services Innovation Act of 2016

This bill requires specified federal departments and agencies (agencies) to periodically publish in the Federal Register a nonexclusive list identifying three or more areas of existing regulation:

• that apply or may apply to a financial innovation offered or intended to be offered by a covered person, and
• that the agency would consider modifying or waiving if it were to receive a petition from the covered person in accordance with this bill relating to that regulation.

The bill defines "a covered person" as a person that offers or intends to offer a financial innovation by submitting a petition to a Financial Services Innovation Office (FSIO) at one or more agencies.

Each agency shall establish its own FSIO to:

• promote financial innovations, and
• assist covered persons whose petitions have been approved pursuant to this bill.

Each agency, through its FSIO, shall:

• support the development of financial innovations;
• coordinate with FSIOs at other agencies to share information and data; and
• establish procedures to reduce the time and cost of offering a financial innovation to the public and enable greater access to financial innovations.

The agencies shall create a FSIO Liaison Committee which shall consult on the administration, coordination, and oversight of each agency's FSIO.