Federal: AFC Letter to House Financial Services Committee Chairman Patrick McHenry

The Honorable Patrick McHenry

U.S. House of Representatives

Washington, DC 20515

Re:       The American Fintech Council Thanks Representative Patrick McHenry For His Leadership and Vision as Chairman of the House Financial Services Committee

Dear Chair McHenry,

On behalf of The American Fintech Council (AFC), I extend our sincerest gratitude for your years of dedicated service as Chairman of the House Financial Services Committee. Under your leadership, the committee has tackled complex issues with clarity and vision, ensuring that America’s financial system remains dynamic, secure, and globally competitive.

Over the past decade we have experienced an incredible growth in innovation in the financial services industry, driven in large part by responsible fintech companies. Your steadfast leadership and forward-thinking, pragmatic approach to innovation issues and policymaking have been hallmarks of your time in Congress. Specifically, your bipartisan commitment to innovation has been particularly impactful in advancing the responsible growth of financial technology embodied by our members, as well as clarifying the necessity of examination practices and guidance in providing clarity to companies. By fostering an environment that encourages creativity while safeguarding consumer protection and market integrity, you have laid the foundation for a more inclusive and accessible financial system. Your legacy of steadfast and dynamic leadership will ensure that both the House Financial Services Committee, as well as innovative banks and fintech companies across the industry, are best positioned to deliver the future of finance to consumers both domestically and abroad.

AFC’s mission is to promote an innovative, transparent, inclusive, and customer-centric financial system by fostering responsible innovation in financial services and encouraging sound public policy. AFC members are at the forefront of fostering competition in consumer finance and pioneering ways to better serve underserved consumer segments and geographies. Our members are also improving access to financial services and increasing overall competition in the financial services industry by supporting the responsible growth of lending and lowering the cost of financial transactions, allowing them to help meet demand for high-quality, affordable financial products.

Throughout your time in Congress, you have embodied the mission and vision of AFC and sought to ensure that the U.S. financial services industry remains the envy of the world through the continued development of a prudent legislative and regulatory framework that encourages innovation. As the premier trade association representing the largest fintech companies and the innovative banks that power them, we have been inspired by your forward-thinking approach to modernizing financial services and addressing emerging challenges.

We thank you for your service and look forward to continuing the work of advancing innovation and financial inclusion in the years to come.

*          *          *

Sincerely,

Phil Goldfeder

CEO

American Fintech Council

‍