This week, the American Fintech Council announced that they have added several financial institutions as new members. Coastal Community Bank, Customers Bank, Thread Bank, Portage Bank, Evolve Bank and Trust, Five Star Bank, Lineage Bank and The Atlantic Federal Credit Union are among those joining its roster.
“We are proud to welcome this new group of innovative leaders who will work with our current membership to create clear industry standards in BaaS that balance responsible innovation with consumer protection,” American Fintech Council CEO Phil Goldfeder said. “At this critical juncture for banking and fintech innovation, it is vital that the industry has a strong and united voice. 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.”
“As a Banking as a Service (Baas) Community Bank, Coastal is invested in providing a high level of service to our customers and the future of fintech and finance,” said Eric Sprink, CEO of Coastal Community Bank. “The American Fintech Council is setting a clear industry standard for responsible BaaS banks to follow. We’re excited to join the premier industry association representing responsible fintech companies and BaaS banks. (They) advocate for maintaining updated policies and regulations for modernizing community banking. We look forward to working alongside other innovative banks and companies with the same mission.”
“Customers Bank is proud to be a new member of the American Fintech Council,” said Jesse Honigberg, EVP for products and platforms at Customers Bank. “While Customers Bank is proud of its continued commitment to providing community banking services to clients across the country, our growth will be driven by blending the best of traditional banking with the opportunity that both emerging technology and innovative business models represent for all our clients. American Fintech Council is the perfect place to work shoulder-to-shoulder with colleagues and our legislative and regulatory partners to meet the challenges of changing ecosystems and evolving public policy.”
“At Five Star Bank, we are committed to embracing responsible financial innovation to better serve our customers, communities and Banking-as-a-Service clients,” said Sean Willett, EVP and CAO of Five Star Bank. “By joining the American Fintech Council, we look forward to collaborating with other forward-thinking community banks and fintech companies to develop responsible banking solutions and standards for the digital age. (They) provide an important forum for developing ideas, standards and policies that will shape the future of banking, and we are excited to contribute our unique community bank perspective.”
“As a community chartered and low-income designated credit union that has embraced partnerships with fintech organizations to better serve our members, we fully support the American Fintech Council’s efforts to promote responsible and customer-centric innovation across our industry,” shared Anthony A. Mero, CEO of The Atlantic Federal Credit Union. “We look forward to collaborating on modern financial services and partnerships that we know firsthand can be mutually beneficial for financial institutions of all sizes and – more importantly – consumers at all stages of their financial journeys.”
“As Thread continues to explore its innovative deployment of embedded banking products to Main Street small businesses and consumers and additional ways to safely serve our customers, it’s more important than ever to collaborate with our colleagues to create a clear regulatory standard for the future of finance,” said Chris Black, CEO and president of Thread Bank. “AFC represents responsible fintech companies and BaaS banks creating safe access to financial services, and we are excited to join this growing coalition.”