Legislation introduced by New York State Senator James Sanders Jr., Chairman of the Senate Banks Committee, would provide funding for organizations to establish financial capability and literacy programs

AFC members create safe and innovative financial options and directly engage with consumers to improve their financial literacy and overall financial health

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Albany, NY (April 16, 2024) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks creating critical access to safe financial services announced its support for legislation to create the NY Financial Literacy Fund. The bill, introduced by Senator James Sanders Jr., will create a state financial literacy fund and make available critical resources that will be used to serve unbanked or underbanked consumers through a variety of educational and product opportunities.

“Responsible innovation democratizes financial services and creates important financial options for families long forgotten by traditional large institutions,” said Phil Goldfeder, Chief Executive Officer of the American Fintech Council. “We thank Senator Sanders for his tireless leadership as Chairman of the Senate Committee on Banks and for his commitment to empowering communities with the tools and resources they need to create a pathway out of debt.”

AFC’s mission is to promote an innovative, transparent, inclusive, and customer-centric financial system by supporting the responsible growth of lending, fostering innovation in financial technology (Fintech), 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 lowering the cost of financial transactions, providing high-quality, affordable financial product options.

“Financial literacy is a crucial aspect to creating a truly inclusive financial services industry that properly serves consumers,” wrote Ian P. Moloney, SVP, Head of Policy and Regulatory Affairs in the AFC letter of support to Senator Sanders. “Building a more inclusive financial services industry and improving the financial literacy of consumers is at the core of our members’ efforts to provide innovative financial products and services. AFC’s members work directly with their customers to understand their comprehensive financial footprint and offer services to improve their financial literacy and overall financial health.”