Tagged: american fintech council

May 11, 2026 @ 9:41 am By JD Alois  |  

The American Fintech Council (AFC) has issued a statement requesting regulatory clarity on the new Trump Accounts. The Trump Accounts were part of the One Big Beautiful Bill, which was passed into law in 2025. These accounts are a new type of savings vehicle designed… Read More

February 9, 2026 @ 11:17 am By JD Alois  |  

The Financial Technology Association (FTA) and the American Fintech Council (AFC) have submitted an Amicus Brief in Vickery v. Empower Finance, Inc. and Moss v. Cleo AI, Inc., case requesting that Earned Wage Access (EWA) be distinguished from loans. The groups submitted a brief to the Ninth Circuit… Read More

January 23, 2026 @ 11:21 am By Omar Faridi  |  

The American Fintech Council (AFC), a trade group advocating for ethical fintech firms, forward-thinking banks, and the majority of top earned wage access (EWA) providers, has issued a report cautioning state officials and overseers against moves to broaden mandatory state lending registries to include non-credit-based… Read More

January 7, 2026 @ 9:06 am By JD Alois  |  

The American Fintech Council (AFC) has issued a statement on the regulation of banks and non-banks. In a letter submitted to the FDIC, the CFPB, the FTC, the OCC, and the Federal Reserve, the group stated that “banks are banks, and non-banks are non-banks” and… Read More

December 16, 2025 @ 2:58 pm By JD Alois  |  

The American Fintech Council (AFC) has issued a statement in support of the Bank-Fintech Partnership Enhancement Act (HR 6552). The legislation requires the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation to study how… Read More

December 10, 2025 @ 11:40 am By JD Alois  |  

The House Financial Services Committee is advancing legislation aimed at providing guardrails for the utilization of artificial intelligence (AI). The Unleashing AI Innovation in Financial Services Act (HR 4801) will seek to create AI Innovation Labs that allow individuals to experiment with AI without the… Read More

December 2, 2025 @ 9:29 am By JD Alois  |  

The American Fintech Council (AFC) and the Coalition for Financial Ecosystem Standards (CFES) have joined to issue a statement on the cost of Anti-money Laundering – Counter Terrorism Financing (AML/CFT) in response to a survey distributed by FinCEN. Phil Goldfeder, CEO of the AFC, said… Read More

August 15, 2025 @ 2:54 pm By JD Alois  |  

Big banks are quivering in their boots as a push for more defined rules for Open Banking may enable more competition from innovative financial services firms. Several banks have announced that they will charge fees for data gleaned from their operations and leveraged by many… Read More

July 13, 2025 @ 5:56 pm By JD Alois  |  

The American Fintech Council has issued a statement commenting on emerging barriers to consumer data access. The statement addresses the sector of Open Banking and providing consumer control over their data and the ability to leverage the information to improve financial services. For example, simplifying… Read More

March 26, 2025 @ 12:09 pm By JD Alois  |  

The American Fintech Council (AFC) has issued a statement addressing Virginia Governor Glenn Youngkin’s veto of SB 1252. The legislation sought to cap interest rates on certain credit options. SB 1252 stated that except as otherwise permitted by law, no contract shall be made for… Read More

February 24, 2025 @ 11:03 am By JD Alois  |  

The State of Virginia is considering legislation designed to limit the interest charged on credit to consumers. The Federal government is also reviewing a similar approach to credit cards, but once again, policymakers are looking to apply price-fixing to a market driven by supply and… Read More

January 6, 2025 @ 10:25 am By JD Alois  |  

With the change in government, there is great excitement that innovation and entrepreneurship will now garner the attention it dearly needs. Fintech, or innovation in financial services, is one area of the economy that suffered during the Biden Administration. As both houses of Congress are… Read More

October 30, 2024 @ 9:46 am By JD Alois  |  

American Fintech Council (AFC) has submitted a comment letter in response to the joint Request for Information on Bank-Fintech Arrangements. The interagency RFI includes the FDIC, OCC and Federal Reserve. The letter states that it is important for these agencies to understand that not all… Read More

August 26, 2024 @ 8:44 am By JD Alois  |  

The American Fintech Council (AFC) is continuing its expansion of members joining the advocacy group with Minnesota-based Stearns Bank. The bank was founded in 1912 with physical locations in Minnesota, Florida and Arizona. Stearns reports assets of around $3.2 billion. The bank is independently owned… Read More

August 5, 2024 @ 10:45 am By JD Alois  |  

The American Fintech Council (AFC) has issued a statement on the bipartisan letter sent by a group of House Representatives asking the Consumer Financial Protection Bureau to adjust requirements pertaining to control of consumer data along the lines of Open Banking. The AFC says they… Read More

July 31, 2024 @ 11:43 am By JD Alois  |  

The American Fintech Council (AFC) keeps adding new Fintechs to its roster of members. Today, MoneyLion (NASDAQ:ML) has joined the group that seeks to advocate on behalf of the burgeoning Fintech sector. Phil Goldfeder, Chief Executive Officer of AFC, said MoneyLion empowers millions to take control… Read More

June 8, 2024 @ 9:30 pm By Tony Zerucha  |  

The American Fintech Council (AFC), an industry association representing Fintech companies and banks, applauded the Office of the Comptroller of the Currency (OCC) on the expansion of REACh 2.0 and continued commitment to collaboration. The AFC said the agency has continued its pragmatic approach to… Read More

June 1, 2024 @ 10:38 am By Tony Zerucha  |  

The American Fintech Council, an association representing Fintech companies and BaaS banks, has submitted a response to the US Department of Treasury, Financial Crimes Enforcement Network (FinCEN) Request for Information (RFI) related to existing requirements for banks under the Customer Identification Program (CIP) Rule. The… Read More

May 23, 2024 @ 10:44 am By JD Alois  |  

Yesterday, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule impacting buy now pay later (BNPL) providers. BNPL providers have emerged as a popular alternative to credit cards, as their interest rates are typically lower than credit cards. At the same time, many platforms… Read More

May 21, 2024 @ 12:31 pm By Tony Zerucha  |  

The American Fintech Council, an industry association representing fintech companies and BaaS banks, announced this week that Raido Capital Partners became their newest strategic partner. “Raido delivers a unique perspective and the hands-on approach that currently serves their portfolio companies and will now serve as… Read More