The American Fintech Council (AFC), an industry association representing responsible fintech companies and innovative banks, has submitted a comment letter to the Department of the Treasury in response to its Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector. In this letter, AFC recommends measures to develop a pragmatic regulatory framework for AI, aiming to increase clarity for industry participants and foster responsible adoption of AI technology in financial services.
The American Fintech Council (AFC) has announced the addition of Scienaptic AI as its newest member. Scienaptic AI, a provider of AI-powered credit underwriting platforms, will join other fintech innovators to enhance consumer services and regulatory compliance.
The American Fintech Council (AFC) has announced the addition of Oscilar as its newest member. Oscilar, a leader in AI-powered risk decisioning, provides advanced fraud prevention, credit decisioning, and AML compliance solutions. The company joins a group of industry leaders committed to promoting responsible innovation, enhancing financial inclusion, and maintaining robust consumer protection standards.
The American Fintech Council (AFC) has urged the Iowa Division of Banking (IDOB) to modernize the state’s consumer finance licensing statutes. The AFC, representing responsible fintech companies and innovative banks, submitted a comment letter advocating for improved access to financial services for historically underrepresented communities and increased regulatory clarity around credit products.
The American Fintech Council (AFC) has expressed its support for a bipartisan Congressional letter addressing the Consumer Financial Protection Bureau’s (CFPB) proposed rule on personal financial data rights. AFC CEO Phil Goldfeder released a statement highlighting the organization's alignment with concerns raised by members of both parties.
Ian P. Moloney, Senior Vice President and Head of Policy and Regulatory Affairs at the American Fintech Council (AFC), issued a statement on August 2, 2024, expressing concerns over the Federal Deposit Insurance Corporation’s (FDIC) proposed rulemaking on brokered deposits.
The American Fintech Council (AFC), the industry association representing responsible fintech companies and innovative banks, announced today that MoneyLion has joined as its newest member. MoneyLion is a digital ecosystem for consumer finance aimed at empowering individuals to make informed financial decisions.
AFC has long advocated for a clear and consistent regulatory framework that reflects responsible industry developments and clarifies supervisory expectations for innovative banks and financial services business models, products, and services. The organization expressed encouragement regarding the joint agency Request for Information (RFI), as well as the announcement of the Novel Activity Supervisory Program from the Federal Reserve. According to AFC, these efforts represent pragmatic, evidence-based approaches by regulators to understand bank-fintech partnerships rather than...
The American Fintech Council (AFC), a leading industry association representing responsible fintech companies and innovative banks, announced that LatinoProsperity has joined its Community Advisory Board (CAB). LatinoProsperity is a national nonprofit organization dedicated to advancing equitable economic policies for the Latinx community.
Bloom Credit has joined the American Fintech Council (AFC), according to an announcement made by the AFC on July 22, 2024. The AFC, a prominent industry association representing responsible fintech companies and innovative banks, welcomes Bloom Credit as its newest member. Bloom Credit is recognized for its API platform that modernizes credit data reporting, furnishing, and scoring.
The American Fintech Council (AFC) has expressed significant disappointment with the Consumer Financial Protection Bureau's (CFPB) recent Interpretive Rule on Earned Wage Access (EWA). AFC CEO Phil Goldfeder stated that the rule contradicts previous guidance and the established interpretation of the Truth in Lending Act (TILA).
The American Fintech Council (AFC) has responded to the Consumer Financial Protection Bureau's (CFPB) proposed Interpretive Rule and Request for Comment on the Use of Digital User Accounts to Access Buy Now, Pay Later (BNPL) Loans. The AFC, a leading industry association representing responsible fintech companies and innovative banks, emphasized the importance of regulatory clarity and consistent standards for BNPL services.
Founded in 2017, DataSeers offers a suite of solutions utilizing Artificial Intelligence (AI) to enable banks and fintech companies to improve reconciliation, compliance, fraud detection, and more.
The American Fintech Council (AFC) has announced a strategic partnership with the Association of Military Banks of America (AMBA). This collaboration aims to enhance financial wellness for U.S. military and veteran communities by combining AFC's mission to support responsible fintech companies and innovative banks with AMBA's dedication to serving military personnel and their families.
Based in Charlotte, North Carolina, Infinant is putting responsible technology in the hands of banks looking to offer embedded finance while maintaining best-in-class compliance standards and practices. Infinant joins a rapidly growing group of diverse industry-leading companies focused on creating important industry standards that provide access, transparency, consumer protection, and regulatory compliance.
A federal judge has issued a preliminary injunction against a Colorado statute that imposes interest-rate and fee caps on loans made to Colorado residents by state-chartered banks located outside the state. The ruling came in response to a lawsuit filed by three financial services trade organizations: the American Fintech Council (AFC), the American Financial Services Association (AFSA), and the National Association of Industrial Bankers (NAIB).
The American Fintech Council (AFC) has issued a statement regarding the nomination of Commissioner Christy Goldsmith Romero as the next Chair of the Federal Deposit Insurance Corporation (FDIC). The White House's decision to nominate her has been met with approval from the AFC, which emphasized the importance of a swift and bipartisan confirmation process.
The American Fintech Council (AFC) has announced a partnership with The Travillian Group to create a job board focused on fintech and Banking-as-a-Service (BaaS) roles. This collaboration aims to assist AFC members in promoting job openings and matching qualified candidates.
The American Fintech Council (AFC) has commended the Office of the Comptroller of the Currency (OCC) for its expanded and pragmatic approach to financial inclusion through Project REACh 2.0. The OCC’s initiative aims to address barriers to financial inclusion by incorporating financial technology into its Roundtable for Economic Access and Change.