The American Fintech Council (AFC) has submitted a comment letter to the Office of the Comptroller of the Currency (OCC) in response to its recent Request for Information on community bank digitalization. The AFC, which represents fintech companies and innovative banks, is urging the OCC to adopt a regulatory approach that supports responsible innovation and helps community banks compete in the evolving financial landscape.
Phil Goldfeder, CEO of the American Fintech Council, stated, "As we navigate a rapidly changing financial services landscape, community banks must have the tools, flexibility, and regulatory clarity to embrace responsible digital modernization." He added that continued engagement from the OCC is crucial for regulatory modernization and examiner education.
The AFC's letter emphasizes fostering partnerships between banks and fintech companies to deliver digital-first services to underserved communities and small businesses. It also calls for clear oversight that allows community banks to modernize without facing excessive compliance burdens. The AFC commends the OCC's focus on digital transformation for community banks and encourages recognition of technology partnerships as part of its mission for fair access, consumer protection, and financial stability.
Ian P. Moloney, SVP and Head of Policy and Regulatory Affairs at AFC, said, "The future of community banking depends on access to responsible innovation." He noted that supporting well-structured bank-fintech partnerships with consistent oversight can empower local financial institutions in a digital economy.
Additionally, the letter suggests that the OCC provide guidance promoting consistent examiner training while avoiding uniform approaches that could hinder innovation at smaller institutions.
The AFC describes itself as a standards-based organization representing major fintech companies and innovative banks offering embedded finance solutions. Its mission includes promoting a transparent financial system by supporting responsible innovation in financial services.