The American Fintech Council (AFC) has expressed strong support for the Federal Deposit Insurance Corporation’s (FDIC) proposal to create an independent Office of Supervisory Appeals. This new office is intended to replace the Supervision Appeals Review Committee as the final level of review for material supervisory determinations, a move aimed at promoting fairness and transparency in financial institution examinations.
Phil Goldfeder, CEO of the AFC, praised Acting Chairman Travis Hill's leadership at the FDIC, stating: “Acting Chairman Travis Hill has been a breath of fresh air at the FDIC and we strongly support the proposal to modernize and strengthen the supervisory appeals process.” He emphasized that AFC members require a regulatory system that is clear and accountable. The establishment of this independent office is seen as a step forward in ensuring impartial evaluation of supervisory decisions.
The proposed Office of Supervisory Appeals would function as a standalone entity within the FDIC, staffed by experts with relevant industry knowledge. It aims to apply consistent supervisory standards across various business models and products.
Ian P. Moloney, SVP and Head of Policy and Regulatory Affairs at AFC, commented on this initiative: “The FDIC’s effort to establish the Office of Supervisory Appeals shows a strong commitment to good governance... By instituting an independent appeals process, the FDIC is fostering a more transparent, accountable, and predictable regulatory environment.”
The AFC has consistently supported regulatory modernization efforts such as the Fair Audits and Inspections for Regulators’ (FAIR) Exams Act. This includes advocating for updates in examination processes through comprehensive recommendations to legislative bodies and engagement with regulators.
AFC serves as a leading trade association representing major fintech companies and innovative banks. Its mission focuses on promoting responsible innovation in financial services while supporting sound public policy initiatives.