The American Fintech Council (AFC) announced last week that OMB Bank has become its newest member. OMB Bank joins a growing group of Banking-as-a-Service (BaaS) banks focusing on access, transparency, consumer protection and regulatory compliance.
“OMB leads by example and is an important voice at this pivotal moment for fintech,” said Phil Goldfeder, AFC CEO. “Innovative BaaS banks are facing a crisis of a significant mismatch between the innovation driving consumer access to financial services and the regulatory mechanisms designed to ensure a fair and transparent banking system for all.”
In 2022, OMB Bank partnered with Jack Henry & Associates to build a new digital bank with the aim to expand geographically and serve customers nationwide. Utilizing the new suite of tools while focusing on regulatory compliance, OMB is leveraging innovation to enhance its digital lending, deposit, and payment solutions.
“The American Fintech Council is the premier association that is singularly focused on advocating for updated policies and regulation that reflect the evolution of community banking,” said OMB Bank COO Stephen Bishop. “OMB believes in delivering an exceptional experience to our customers while utilizing innovative technology to scale our offerings and serve additional families in need. We are thrilled to join the AFC and work together with so many other responsible, innovative banks that are powering fintech and shaping the future of finance.”
AFC said it supports the next generation of fintech companies and banks at the intersection of technology and financial services.
“We are excited to have OMB as a core member of our growing BaaS banking membership and are eager to embed their team in our ongoing work to create lasting change for the industry,” Goldfeder added.
AFC said it has long advocated for and successfully influenced the recently-released joint interagency guidance on third-party risk management as another step to create clarity for banks creating access to financial services by utilizing or partnering with responsible fintech companies. The organization believes its focus on creating a responsible fintech environment has created a strong level of trust and respectful consideration by regulators and policymakers diligently working to create the proper regulatory ecosystem for BaaS banks to flourish in the modern banking environment.