The American Fintech Council (AFC) has responded to the Financial Crimes Enforcement Network’s (FinCEN) Request for Information (RFI) concerning the Customer Identification Program (CIP) Rule. The AFC is urging FinCEN to extend current CIP credit card exemptions to Buy-Now-Pay-Later (BNPL) companies and calls for formal rulemaking to ensure uniformity in consumer protection and industry parity.
The American Fintech Council (AFC) has announced its support for the Fair Audits and Inspections for Regulators’ (FAIR) Exams Act, a bipartisan and bicameral legislation aimed at enhancing transparency and accountability in bank examinations. The bill was introduced by Representatives French Hill (R-AR) and David Scott (D-GA) in the House, following its introduction in the Senate by Senators Jerry Moran (R-KS) and Joe Manchin (D-WV).
Phil Goldfeder, CEO of the American Fintech Council (AFC), issued a statement on May 22, 2024, regarding the Consumer Financial Protection Bureau's (CFPB) new Interpretive Rule on Buy Now Pay Later (BNPL) products.
The American Fintech Council (AFC), a leading industry association representing responsible fintech companies and innovative BaaS banks, has announced Raido Capital Partners as its newest strategic partner. Raido, founded by tech entrepreneurs with over two decades of experience, brings a unique expertise to the fintech ecosystem and will serve as a crucial resource for AFC members.
The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, is proud to announce the inaugural AFC Awards to be presented at the 8th Annual Fintech Policy Summit at The Westin Washington, D.C. City Center on Tuesday, November 19th. The Policy Summit continues to be the premier destination for regulatory thought leadership and industry best practice. This year’s Summit is set to be the largest fintech policy event since inception, bringing together prominent industry leaders, regulators, policymakers,...
American Fintech Council (AFC) CEO, Phil Goldfeder, recently commented on the release of the Joint Agency Third Party Risk Management Guide, emphasizing the positive impact of innovative banks and fintech companies on the financial services sector.Goldfeder highlighted the transformative role of these institutions, stating, "Innovative banks and fintech companies have responsibly transformed the way families bank, lend, and transact. They have leveled the playing field and created critical access to financial services for consumers and small businesses long forgotten by...
The American Fintech Council (AFC) has taken a leading role in supporting the South Carolina legislation aimed at creating a safe regulatory structure for Earned Wage Access (EWA). In a letter addressed to The South Carolina House Committee on Labor, Commerce, and Industry, AFC and its members strongly endorsed the bipartisan legislation (S.700) that seeks to regulate the growing financial service product.Phil Goldfeder, Chief Executive Officer of the American Fintech Council, emphasized the industry's commitment to providing safe financial services to underserved...
The American Fintech Council (AFC) has voiced concerns over the Federal Deposit Insurance Corporation's (FDIC) approach to innovation in financial services. The AFC, representing responsible fintech companies and major Banking-as-a-Service banks, has sent a letter to the FDIC addressing what it perceives as a lack of communication and an adverse stance towards innovation.
Legislation introduced by New York State Senator James Sanders Jr., who chairs the Senate Banks Committee, aims to provide funding for organizations to establish financial capability and literacy programs. The American Fintech Council (AFC) has announced its support for this initiative, which seeks to create the NY Financial Literacy Fund. This fund is intended to serve unbanked or underbanked consumers through educational and product opportunities.
Continental Finance, a leading financial technology company, has joined the American Fintech Council (AFC), according to an announcement made on April 11, 2024. The AFC is known for representing responsible fintech companies and other financial institutions focused on innovative banking solutions.
The American Fintech Council (AFC) is urging Kansas Governor Laura Kelly to sign House Bill 2560, which aims to establish a regulatory framework for Earned Wage Access (EWA) services. The bill seeks to implement safeguards and standards for EWA providers, ensuring consumer protection in Kansas.
The American Fintech Council (AFC) has announced a strategic partnership with the Center for Accelerating Financial Equity (CAFE). This collaboration was unveiled as part of Financial Literacy Month. CAFE is based at the Fintech Innovation Hub by Delaware Tech Park on the University of Delaware campus. It focuses on advancing financial health and wellness for low- to moderate-income and underserved populations through fintech innovation.
The American Fintech Council (AFC) has expressed its approval following the Financial Crimes Enforcement Network's (FinCEN) recent move to issue a Request for Information (RFI) concerning the Customer Identification Program (CIP) Rule. This initiative aims to address regulatory inconsistencies and adapt to technological advancements in digital banking, especially with regard to Buy Now Pay Later (BNPL) loans.
Three major financial services trade organizations have filed a lawsuit against a new Colorado statute imposing interest-rate and fee caps on loans by state-chartered banks, including those from outside the state. The American Fintech Council (AFC), the American Financial Services Association (AFSA), and the National Association of Industrial Bankers (NAIB) argue that this law conflicts with federal regulations and limits consumer choice.
The American Fintech Council (AFC) has announced the inclusion of Wagestream as its newest member. Founded in 2018, Wagestream offers a financial benefits platform that includes Earned Wage Access (EWA), and is used by over 1,000 employers and 3 million employees.
The American Fintech Council (AFC) has announced that the Aspen Institute Financial Security Program (Aspen FSP) has joined its Community Advisory Board (CAB). The CAB is designed to expand and inform AFC's mission of promoting policies that advance responsible innovation and inclusivity within financial services.
The American Fintech Council (AFC) has voiced its opposition to legislative proposals in Rhode Island and Washington, D.C., arguing that the measures could negatively impact state-chartered community banks and limit financial options for local families. The AFC, which represents fintech companies and innovative banks, presented its concerns to the Rhode Island Senate Committee on Commerce and Policy and the D.C. Council Business and Economic Development Committee.