The American Fintech Council (AFC), an industry association representing responsible fintech companies and innovative banks, announced today that MANTL has joined as its newest member. Founded in 2016, MANTL provides account origination software for banks and credit unions nationwide, aiming to bridge the gap between online and in-person services. This allows financial institutions to optimize customer experience and increase operational efficiency. By joining AFC, MANTL aligns itself with other companies driving the future of customer-first banking.
Ian P. Moloney, Senior Vice President and Head of Policy and Regulatory Affairs at AFC, has issued a statement regarding the FDIC’s proposed rulemaking on custodial deposit accounts with transaction features.
The American Fintech Council (AFC) has expressed support for the Federal Reserve's proposal to extend the operating hours of Fedwire Funds Service and National Settlement Service (NSS). The AFC, representing fintech companies, innovative banks, and payment providers, submitted a comment letter to the Board of Governors of the Federal Reserve System (FRB) in response to their Request for Comment on this expansion.
The American Fintech Council (AFC), the industry association representing responsible fintech companies and innovative banks, announced the addition of Baselayer as its newest member. Founded by experienced fintech entrepreneurs, Baselayer aims to reduce friction in Know Your Business (KYB) reviews for small to midsize companies and mitigate B2B fraud. The company leverages artificial intelligence to manage a centralized system for privacy-compliant data sharing between financial institutions, aligning with AFC’s mission to promote a more responsible and inclusive financial...
The American Fintech Council (AFC) has voiced strong objections to a proposed rule by the Consumer Financial Protection Bureau (CFPB) regarding Earned Wage Access (EWA) products. In a comment letter submitted to the CFPB, AFC argues that the proposal would misclassify EWA products as credit, overturning previous guidance from the CFPB and causing significant harm to consumers.
The American Fintech Council (AFC), the leading industry association representing responsible fintech companies and innovative banks, has announced the addition of five new members. These regional and community banks are committed to fintech innovation and bring extensive experience in serving community needs.
The American Fintech Council (AFC) announced today the addition of Stearns Bank N.A. as its newest member. Founded in 1912, Minnesota-based Stearns Bank has become a nationally recognized financial institution with branches in Minnesota, Arizona, and Florida. With a focus on expanding access to responsible credit and capital nationwide, Stearns Bank joins AFC's community of companies driving the future of financial services.
The American Fintech Council (AFC), an industry association representing responsible fintech companies and innovative banks, has announced the addition of Lincoln Savings Bank (LSB) as its newest member. Founded in 1902, LSB is owned and managed by Iowans and offers full-service community banking and financial services, along with fintech and banking as a service offerings through its LSBX division. At AFC, LSB joins other companies driving the future of financial services with customer-oriented solutions.
The American Fintech Council (AFC) has announced the addition of Republic Bank of Chicago as its newest member. Founded in 1964, Republic Bank is a family-owned institution that serves Chicago communities and businesses with personalized financial solutions. The bank offers a suite of innovative fintech products, allowing customers to access advanced technology through a reliable community banking partner.
The American Fintech Council (AFC) announced the addition of New Horizon Bank as its newest member. The AFC, an industry association representing responsible fintech companies and innovative banks, highlighted New Horizon's alignment with its focus on consumer-centric finance and innovation.
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...