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.
Phil Goldfeder, Chief Executive Officer of AFC, stated, "We are immensely proud to welcome our five new innovative bank members, but this announcement is about far more than AFC. Financial technology has been a disruptive force helping to expand access to financial services for millions, particularly underserved communities. Yet, regulators have far too often applied inconsistent and unclear standards to responsible fintech providers – failing to consider the needs of consumers and the realities of who benefits from the inclusive, transparent, customer-centric services our members provide. Adding five more responsible innovative banks to our membership sends a clear signal that fintech is the future of finance, and the scope of responsible innovation happening across the industry is far too significant to be ignored."
The new members include Lincoln Savings Bank, New Horizon Bank, Republic Bank, Stearns Bank, and TransPecos Banks. Each brings unique offerings and histories:
- Lincoln Savings Bank was founded in 1902 in Iowa and offers full-service community banking alongside its LSBX division's fintech and Banking-as-a-Service (BaaS) offerings.
- New Horizon Bank was established in 2009 by local business owners in Powhatan, VA; it combines traditional banking with technological innovations tailored to community needs.
- Republic Bank has served Chicago since 1964. The family-owned bank also partners with Fortune 500 companies for payments and fintech solutions.
- Stearns Bank originated in Minnesota in 1912 and expanded into Arizona and Florida. In 2021, it entered the embedded finance and BaaS sectors focusing on responsible credit access.
- TransPecos Banks was founded in 1928 in West Texas. It provides a range of banking products along with fintech services concentrated in its region.
AFC advocates for unified regulatory approaches towards financial innovation. It engages significantly with federal prudential regulators to ensure its members' views are represented across government entities.
The council aims to promote a transparent, inclusive financial system through supporting responsible innovation in financial services.