The American Fintech Council (AFC) has announced its support for California Senate Bill 69 (SB 69), which aims to enhance the state's oversight of artificial intelligence (AI) in financial services. The bill, introduced by Senator Jerry McNerney and advanced by the State Assembly, would require the California Attorney General’s office to hire or train staff with expertise in AI. This move is intended to ensure that state agencies can create a coordinated and informed regulatory framework for AI applications in finance.
Phil Goldfeder, CEO of the American Fintech Council, stated: “California has always been a leader in innovation, and this bill makes clear that leadership must extend to informed, responsible AI oversight in financial services that both protects consumers and encourages competition. By equipping regulators with real expertise in AI, California is showing the nation how to strike the right balance between fostering responsible innovation and ensuring fairness for every consumer.”
Ashley Urisman, Director of State Government Affairs at AFC, added: “Responsible fintech companies and innovative banks increasingly rely on AI to deliver safe, modern services—from expanding access to credit to servicing historically underserved communities. This legislation ensures regulators fully understand these technologies so they can protect consumers and encourage fair competition among companies leveraging AI.”
The AFC describes itself as a standards-based organization representing major fintech companies and innovative banks that offer embedded finance solutions. Its mission includes promoting transparency, inclusion, and customer focus within the financial system by supporting responsible innovation and advocating for sound public policy. The council’s members work to increase competition in consumer finance and develop products aimed at serving underserved populations.