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.
Phil Goldfeder, CEO of the AFC, stated, "Responsible innovation democratizes financial services and creates important financial options for families long forgotten by traditional large institutions." He also expressed gratitude towards Senator Sanders for his leadership and commitment to empowering communities with necessary tools and resources.
The AFC's mission focuses on promoting an innovative, transparent, inclusive, and customer-centric financial system. The organization supports responsible growth in lending, fosters innovation in fintech, and encourages sound public policy. Its members are committed to fostering competition in consumer finance while improving access to financial services and lowering transaction costs.
Ian P. Moloney, SVP, Head of Policy and Regulatory Affairs at AFC, emphasized the importance of financial literacy in creating an inclusive financial services industry. In a letter of support to Senator Sanders, he wrote that building a more inclusive industry and improving consumer financial literacy is central to AFC members' efforts in providing innovative products and services.