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Trump tells Fed to consider fintech access to payment accounts
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Trump tells Fed to consider fintech access to payment accounts
May 19, 2026 4:20 PM

May 19 (Reuters) - U.S. President Donald Trump signed an executive order on Tuesday calling on regulators and the Federal Reserve to review rules that may be stifling financial innovation, including whether the central bank could expand fintech access to its payment rails, the systems that move money between banks.

The order asks the Fed to join other regulators in reviewing policies that could be updated to support fintech growth. It also calls on the Fed to examine its approach to granting access to payment accounts and services, and to consider options for expanding such access to fintechs and other non-bank firms.

Access to so-called "master accounts" by non-traditional financial firms has drawn increasing attention at the Fed, as several fintechs have applied or plan to seek access. Fed master accounts are often likened to bank accounts for banks, allowing holders to move funds directly through the Fed's payment system. 

Crypto exchange Kraken was granted a Fed master account in March, giving it access to the central bank's wholesale payments system, Fedwire, and the ability to hold limited balances overnight. Crypto firms Ripple, Anchorage Digital and fintech money transfer company Wise also hope to win master accounts, according to public information.

The Fed has previously signaled it will open its payment rails to more crypto and fintech firms. In December, it sought feedback on a potential new type of payment account with restrictions similar to those imposed on Kraken's.

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