This legislation requires a joint study by the Board of Governors of the Federal Reserve System , the Comptroller of the Currency , and the Federal Deposit Insurance Corporation . The study will investigate how collaborations between traditional banking organizations and financial technology companies can support the formation of new banking entities and enhance the overall health of community banks. Specifically, the study will analyze the extent to which these partnerships can reduce time to market for products, lower compliance burdens, boost customer acquisition, improve technological capabilities, and provide access to more diverse funding sources. Furthermore, it will identify necessary changes to federal laws, rules, or guidance that could effectively promote these beneficial bank-fintech partnerships. The findings and determinations from this comprehensive study are to be compiled into a report and submitted to Congress within six months of the Act's enactment.