Phil Goldfeder, CEO of the American Fintech Council (AFC), expressed support for Michelle Bowman's nomination as Vice Chair for Supervision at the Federal Reserve. Goldfeder emphasized that Bowman has been a consistent advocate for a balanced regulatory framework that promotes both stability and innovation.
Goldfeder stated, “The American Fintech Council welcomes Michelle Bowman's nomination to serve as Vice Chair for Supervision at the Federal Reserve. Throughout her tenure on the Board of Governors, Governor Bowman has been a friend to AFC and shown a steadfast commitment to a clear and balanced regulatory framework that ensures stability while allowing for responsible innovation."
He further highlighted Bowman's contributions at the Federal Reserve, saying, "Governor Bowman has played a key leadership role at the Fed over the past several years, in which she has demonstrated a clear and concerted effort to proactively engage with the innovative products, services, and business models that AFC and its members support."
Goldfeder also noted Bowman's understanding of bank-fintech partnerships and her leadership in initiatives encouraging responsible innovation. He stated this reflects her dedication to modernizing regulatory oversight in a manner that allows financial institutions to adapt while maintaining strong standards for stability.
The AFC looks forward to collaborating with Bowman on creating a supervisory framework for fintech innovation. Goldfeder concluded by stressing the importance of aligning regulation with consumer and market realities as financial technology continues to grow in influence.
“We look forward to working further with Governor Bowman to ensure that the supervisory framework for fintech innovation is clear, risk-based, and aligned with consumer and market realities," he said. "As financial technology continues to play a growing role in expanding access to credit, payments, and financial services, it is essential that the Federal Reserve’s approach supports both stability and innovation.”