(2) the entity is not eligible for any future des-
ignation under subsection (c)(2). 
SEC. 3. OFFICE OF FINANCIAL INNOVATION. 
(a) ESTABLISHMENT.— 
(1) IN GENERAL.—Each Federal financial regu-
lator shall establish an Office of Financial Innova-
tion (‘‘Office’’). 
(2) DIRECTOR.—The head of each Office shall 
be a Director, who shall be appointed to a 5-year 
term by, and report to, the head of the Federal fi-
nancial regulator. 
(3) STAFFING.—The head of each Federal fi-
nancial regulator shall ensure that the regulator’s 
Office is adequately staffed at all times. 
(b) DUTIES.—The duties of the Office are to— 
(1) draft a mission statement, which shall in-
clude the phrase ‘‘responsible innovation’’; 
(2) coordinate and make publicly available ef-
forts made by Designated Financial Regulators re-
lated to covered actions so as to reduce the regu-
latory burden for eligible FinTech startups; 
(3) establish and maintain an easily-accessible 
website, which shall include the Office’s mission 
statement and a portal where eligible FinTech 
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startups can submit questions or request meetings 
with the Office; 
(4) respond to questions and meeting requests 
described under paragraph (3) in a timely manner; 
(5) implement recommendations from the Advi-
sory Council of FinTech Directors; 
(6) conduct outreach to eligible FinTech 
startups when a covered action is made public or fi-
nalized; and 
(7) provide support for the Director of the Of-
fice with respect to the Director’s duties on the Ad-
visory Council of FinTech Directors. 
(c) INCLUSION IN RULEMAKING.—Each Federal fi-
nancial regulator shall, throughout the development of a 
new rule, including prior to the publication of a notice of 
proposed rulemaking in the Federal Register, work with 
the Office in assessing the potential effects of the rule on 
eligible FinTech startups. Each Office shall also advise the 
applicable Federal financial regulator on possible alter-
natives that may lessen the burden on eligible FinTech 
startups without meaningfully affecting the rule’s ability 
to achieve its purpose. 
SEC. 4. REGULATORY HARMONIZATION FOR FINTECH. 
(a) HARMONIZATION.—Each Designated Financial 
Regulator shall, in taking any covered action, harmonize 
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and coordinate with the other Designated Financial Regu-
lators in order to eliminate duplication and conflicting reg-
ulations that will impact eligible FinTech startups. 
(b) ADVISORY COUNCIL OF FINTECH DIRECTORS.— 
(1) ESTABLISHMENT.— 
(A) IN GENERAL.—There is established the 
Advisory Council of FinTech Directors, which 
shall consist of— 
(i) the Director of each Office of Fi-
nancial Innovation; and 
(ii) an independent member appointed 
by the Secretary of the Treasury, having 
State-banking regulatory expertise. 
(B) COMPENSATION.—All members of the 
Advisory Council who are officers or employees 
of the United States shall serve without com-
pensation in addition to that received for their 
services as officers or employees of the United 
States. 
(2) PURPOSE.—The purpose of the Advisory 
Council is to provide each Federal financial regu-
lator with advice on its rules, regulations, and poli-
cies with regard to how financial innovation is re-
shaping the regulatory landscape of the financial 
services marketplace and whether there is any dupli-
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cation in supervision or material failure in super-
vision of eligible FinTech startups that is limiting 
responsible innovation for eligible FinTech startups. 
(3) DUTIES.—The Advisory Council shall func-
tion solely as an advisory body. Its duties shall ex-
tend only to providing advice, including advice in the 
form of recommendations, to each Federal financial 
regulator. Each Federal financial regulator shall re-
tain full authority to determine actions to be taken 
and policies to be expressed with respect to matters 
within its jurisdiction upon which the Council may 
provide advice. 
(4) REPORTS.— 
(A) 
ANNUAL
REPORT.—The 
Advisory 
Council shall annually report to Congress on 
the activities of the Council and any significant 
financial market and regulatory developments 
that might impact eligible FinTech startups. 
(B) ADVICE.—The Advisory Council shall 
provide its advice to the Federal financial regu-
lators through the Secretary of the Treasury. 
The Advisory Council need not reach consensus 
on every issue, and may choose to provide the 
Federal financial regulators with differing views 
or a range of view. 
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(5) MEETINGS.—The Advisory Council of 
FinTech Directors shall meet at the call of the Sec-
retary of the Treasury or a majority of the members 
then serving, but not less frequently than annually. 
(6) RECORDKEEPING.—The official records 
generated by or for the Advisory Council shall be 
handled in accordance with General Records Sched-
ule 6.2, or another approved agency records disposi-
tion schedule. These records shall be available for 
public inspection and copying, subject to section 552 
of title 5, United States Code (commonly known as 
the ‘‘Freedom of Information Act’’). 
SEC. 5. DEFINITIONS. 
For purposes of this Act: 
(1) COVERED ACTION.—The term ‘‘covered ac-
tion’’ means any regulations, guidance, interpretive 
rules, interim final rules, bulletins, statement of pol-
icy, letters, examination manuals, frequently asked 
questions, notices, directives, or any other authori-
tative action that would impact an eligible FinTech 
startup. 
(2) DESIGNATED FINANCIAL REGULATOR.—The 
term ‘‘Designated Financial Regulator’’ means— 
(A) any Federal financial regulator or reg-
ulators that have been designated under section 
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2(c)(2) with respect to any eligible FinTech 
startup; and 
(B) with respect to an eligible FinTech 
startup, the specific Federal financial regulator 
or regulators designated under section 2(c)(2) 
for such eligible FinTech startup. 
(3) ELIGIBLE
FINTECH
STARTUP.—The term 
‘‘eligible FinTech startup’’ means an entity that— 
(A) provides an application or product and 
has no more than 10,000 total users of such 
application or product; 
(B) has no more than 15 employees; 
(C) has received less than 5 rounds of ven-
ture capital; and 
(D) has not yet partnered with an insured 
depository institution (as defined under section 
3 of the Federal Deposit Insurance Act). 
(4) FEDERAL
FINANCIAL
REGULATOR.—The 
term ‘‘Federal financial regulator’’ means each of 
the Board of Governors of the Federal Reserve Sys-
tem, the Bureau of Consumer Financial Protection, 
the Commodity Futures Trading Commission, the 
Department of Housing and Urban Development, 
the Department of the Treasury, the Farm Credit 
Administration, the Federal Communications Com-
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mission, the Federal Deposit Insurance Corporation, 
the Federal Housing Finance Agency, the Federal 
Trade Commission, the National Credit Union Ad-
ministration Board, the Office of the Comptroller of 
the Currency, and the Securities and Exchange 
Commission. 
Æ 
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