The American Fintech Council (AFC) has expressed its approval following the Federal Deposit Insurance Corporation's (FDIC) recent decision to withdraw an amicus brief filed in September 2024. The brief had deviated from the established precedent regarding the definition of where a loan is made.
Phil Goldfeder, CEO of AFC, commented on the development: "Today's decision to withdraw the amicus finally restores longstanding guidelines and returns pragmatic, non-ideological policymaking to the FDIC." He praised the agency for adopting a sensible approach aimed at fostering fairness and stability within the lending sector.
Goldfeder also expressed optimism about future collaboration with Acting Chairman Hill, stating that they look forward to working together on further solutions aimed at providing regulatory clarity for responsible lenders.