The American Fintech Council has reportedly expanded to include over 75 members. The Council has also announced several new leadership initiatives, according to a release.
As noted in the announcement, the newly formed committees will be including the Regulatory Technology Committee and Legal Advisory Committee to help out with key policy development and “highlight responsible innovation” in the fast-evolving Fintech sector.
Gary Reeder, CEO at AFC, stated:
“We are thrilled to welcome these new members and leadership groups to the AFC team and look forward to working with them to promote policies that create an open and efficient marketplace that benefits everyone. Our members are constantly working to better serve consumers and communities around the country. Expanding access to quality financial products and services is essential to forwarding our commitment to diversity, equity, and inclusion. We are excited to have these two groups help lead that effort.”
While still in its formation stage, the Regulatory Technology Committee notably includes leading U.S. Regtech and AI firms, and infrastructure providers that aim to serve the Fintech sector (including Bond Financial Technologies, Inc., Hummingbird RegTech, Fintel Connect, Ocrolus, and Sila). This group will support the organization by demonstrating how technology can assist with financial services innovation that benefits consumers and businesses.
Shamir Karkal, Co-Founder and CEO of Sila, stated:
“Fintech will continue its explosive growth and become a much-larger share of the financial services industry. It is critically important that we come together as an industry and be part of the process of policy development, especially as the U.S. looks to rebuild in the post-pandemic world. Sila supports the AFC’s efforts to highlight and foster responsible innovation and we look forward to partnering with the association.”
Additionally, the growing membership will include the establishment of the AFC Legal Advisory Committee, consisting of national law firms and regulatory professionals that support “innovation” in the financial services sector.
As noted in the release:
“Inaugural members include Buckley LLP, Chapman and Cutler LLP, Cravath, Swaine & Moore LLP, Davis Polk & Wardwell LLP, Jenner & Block LLP, McGlinchey Stafford PLLC, Nutter McClennen & Fish LLP, and Shearman & Sterling LLP. The committee will serve to advance legal and regulatory initiatives, assist with critical policy issues and work to promote business development and growth in Fintech.”
Tom Curry, former U.S. Comptroller of the Currency and Partner at Nutter, McClennen & Fish LLP, noted that Nutter is looking forward to joining AFC’s Legal Advisory Committee. Curry added that they are looking forward to helping the AFC in its efforts “to promote responsible innovation that protects consumers and expands access to safe and fair financial products and services.”
The mission of the American Fintech Council is “to promote an innovative, responsible, inclusive, customer-centric financial system.”