[section][section] 2-6 (comprising the oversight regime prong by establishing FSIOs at twelve federal agencies which receive petitions from fintechs).
6118 [section] 4(a) (establishing FSIOs to "promote financial innovations.").
(98) First, the FSIA would create a government-wide "fintech oversight regime." (99) In order to implement this regime, the FSIA would have required each of the following federal agencies to establish their own Financial Services Innovation Office ("FSIO"): (1) the Board of Governors of the Federal Reserve System; (2) the CFPB; (3) the Commodity Futures Trading Commission ("CFTC"); (4) the Department of Housing and Urban Development; (5) the Department of the Treasury; (6) the Farm Credit Administration; (7) the Federal Deposit Insurance Corporation; (8) the Federal Housing Finance Agency; (9) the Federal Trade Commission; (10) the National Credit Union Administration Board; (11) the OCC; and (12) the Securities and Exchange Commission.
Upon submitting a petition to one or more FSIO agencies, a covered person automatically triggers the safe harbor provision of FSIA for the duration of the period between the petition submittal and the agency decision on the petition.