; and (2) that the agency would consider modifying or waiving if the agency were to receive a petition under section 6 relating to that regulation. 4. Establishment of FSIO at agencies (a) In general Each agency shall establish a Financial Services Innovation Office (known as FSIO ) to promote financial innovations and to assist a covered person whose petition has been approved under section 7. (b) Director Each agency shall appoint an individual to serve as the Director of the agency’s FSIO. (c) Duties (1) General duties Each agency, acting through the agency’s FSIO, shall— (A) support the development of financial innovations; (B) coordinate with FSIOs at other agencies to share information and data; and (C) establish procedures to reduce the time and cost of offering a financial innovation to the public and enable greater access to financial innovations. (2) Duties for petitions With respect to a covered person whose petition has been approved under section 7, each FSIO shall— (A) work with the covered person to address issues of how existing regulatory frameworks apply to the financial innovation that is the subject of the petition; (B) assist the covered person in complying with the requirements of Federal regulators of the financial innovation; and (C) assist the covered person in responding to any challenges to a modification or a waiver granted under subsection (d). (d) Waiver authority With respect to a covered person whose petition has been approved under section 7, if an agency has a rational basis for doing so and if the agency determines that a provision of a Federal statute under which the agency has rulemaking authority or an agency regulation is unduly burdensome to the covered person, the agency shall, acting through the agency’s FSIO, modify or waive the application of the Federal statute or the agency regulation. (e) Termination of other programs