The American Fintech Council (AFC) has welcomed the 119th United States Congress, emphasizing the need for bipartisan action on significant financial legislation. The organization expressed readiness to collaborate with new leaders of key committees: Chairman French Hill and Ranking Member Maxine Waters in the House Financial Services Committee, and Chairman Tim Scott and Ranking Member Elizabeth Warren in the Senate Banking, Housing, and Urban Affairs Committee.

The AFC highlighted three legislative priorities: True Lender Legislation, the Earned Wage Access Consumer Protection Act, and the FAIR Exams Act. The True Lender Legislation aims to establish a federal standard clarifying financial institutions as loan originators in bank-fintech partnerships. This would promote consistency in lending markets and facilitate affordable credit availability.

The Earned Wage Access Consumer Protection Act, led by Representative Bryan Steil, seeks to create a regulatory framework for earned wage access products, distinguishing them from loans. Meanwhile, the FAIR Exams Act focuses on increasing transparency in financial institution examinations and establishing an appeals process for disputes between banks and regulators.

Hayden Cole, Director of Federal Government Affairs at AFC, stated that "we are at a pivotal moment for American consumers and families." Cole emphasized that swift passage of these legislative pieces could enhance financial security and expand access to services for working families.

AFC aims to work closely with congressional committees to foster innovation while ensuring consumer protection within financial markets. As a leading trade association representing fintech companies and innovative banks, AFC's mission is to support responsible innovation through transparent public policy.