ICBA Statement on Executive Order on Financial Technology Regulation

Washington, D.C. (May 19, 2026) - Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey released the following statement on President Donald Trump's executive order directing the Federal Reserve to evaluate the legal, regulatory, and policy frameworks governing access to Reserve Bank payment accounts and payment services by uninsured depository institutions and non-bank financial companies.

"Policymakers must recognize the significant gaps in regulation, supervision, and resolution between banks and nonbanks and ensure like activities are subject to like regulation. Meanwhile, Federal Reserve officials conducting their review of access to Reserve Bank payment accounts must recognize that the Reserve Banks retain discretion under federal law to deny or grant master account access to special-purpose depository institutions, stablecoin issuers, and other crypto-related entities.

"As ICBA laid out in a recent issue brief, policymakers should pause new policies on stablecoins, Federal Reserve master accounts, and OCC national trust charters and holistically assess their combined impact on local communities and the broader economy. While any one of these developments could lead to significant structural changes, their risks to lending and economic growth in local communities should not be assessed in isolation.

"ICBA and community bankers are reviewing today's executive order and look forward to continuing to work with the Trump administration and the 119th Congress to ensure U.S. policies on special-purpose depository institutions and digital assets appropriately address the risks they pose to consumers and our financial system."

About ICBA

The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation's community banks through effective advocacy, education, and innovation.

As local and trusted sources of credit, America's community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers' financial goals and dreams. For more information, visit ICBA's website at icba.org.