American Fintech Council outlines priorities for Acting FDIC Chairman Travis Hill

The American Fintech Council (AFC) has expressed support for Acting FDIC Chairman Travis Hill, outlining key priorities to enhance innovation and regulatory clarity in financial services. The AFC, an association representing fintech companies and innovative banks, sent a letter to Hill congratulating him on his new role and urging action to modernize oversight and strengthen the regulatory framework.

"Acting Chairman Hill brings a thoughtful and pragmatic approach to the FDIC at a critical moment for the financial services sector," said Phil Goldfeder, CEO of AFC. "His commitment to fostering innovation while upholding stability and trust in the financial system closely reflects AFC’s core values."

The AFC's letter calls for reestablishing the FDIC’s FDITech Office as a hub for engagement with fintech companies and innovative banks. It emphasizes collaboration and transparency to promote responsible growth. The letter also suggests adopting supervisory technology tools and enhancing examiner education to align oversight with today's banking landscape. Furthermore, the AFC advocates reaffirming FDIC's views on preemption of state laws to avoid fragmentation that could affect access to financial tools.

"The FDIC’s leadership under Acting Chairman Hill marks an exciting opportunity to align responsible innovation with robust oversight," stated Ian P. Moloney, SVP and Head of Policy and Regulatory Affairs at AFC. "Acting Chairman Hill has shown a deep understanding of the evolving financial ecosystem."

The AFC aims to promote a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services.