On September 22, 2016, Representative Patrick McHenry (R-NC), introduced a bill entitled "Financial Services Innovation Act of 2016," that would, among other things, establish Financial Services Innovation Offices (FSIOs) at applicable agencies in order to (i) support the development of financial innovations and (ii) establish procedures to streamline the time and cost of financial innovations. In addition, the proposed legislation includes a petition process through which covered persons (i.e., anyone offering financial services innovation products or services that submits a petition to an FSIO) may request a waiver from any regulation by submitting required information, including an alternative compliance strategy.
The full text of the proposed legislation is available at: https://www.theclearinghouse.org/~/media/Action%20Line/Documents/Volume%20VII/20160922_McHenry_fintech_bill.pdf.
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