(20 May 2026 – United States) Donald Trump has signed an executive order directing the Federal Reserve to explore options for broadening access to US payment infrastructure.
The goal is to “streamline regulations and promote financial innovation and collaboration” between fintech firms, federally regulated financial institutions and regulators.
As part of the directive, the Federal Reserve has been asked to review the legal, regulatory and policy frameworks governing access to Reserve Bank payment accounts and payment services for uninsured depository institutions and non-bank financial companies.
The central bank is also being tasked with assessing its legal authority in this area and outlining potential pathways to expand access.
The Federal Reserve has already been examining ways to widen participation in its payment systems. Last year, it began considering the introduction of a so-called “skinny” master account, which would provide fintech firms and other non-bank providers with access to core Federal Reserve payment services without relying on intermediary banks.
The executive order also calls on the Federal Reserve and other regulators to review existing rules, supervisory practices and application processes to identify opportunities to modernise regulation and encourage greater competition and innovation across the financial services sector.
Kraken recently became the first digital asset bank to secure a master account, while fintech firms including Wise and Ripple are reportedly seeking similar access.