AFC unveils array of new members to join existing financial institutions in the premier industry association representing the nation’s largest and leading innovative BaaS banks

New members include Coastal Community Bank, Customers Bank, Thread Bank, Portage Bank, Evolve Bank & Trust, Five Star Bank, Lineage Bank, and The Atlantic Federal Credit Union, among others

Growing group of diverse fintech companies and banks focused on driving access, equity, transparency, consumer protection, and regulatory compliance are committed to working with regulators and policymakers to create clear standards for the industry

Washington, D.C. (October 3, 2023) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks who deliver critical access to safe and affordable financial services, today announced that they have added nearly a dozen financial institutions as new members.Coastal Community Bank, Customers Bank, Thread Bank, Portage Bank, Evolve Bank & Trust, Five Star Bank, Lineage Bank and The Atlantic Federal Credit Union, among others, will join a growing group of diverse industry-leading Banking-as-a-Service (BaaS) banks building the future of financial services with a focus on access, transparency, consumer protection, and regulatory compliance.

“We are proud to welcome this new group of innovative leaders who will work with our current membership to create clear industry standards in BaaS that balance responsible innovation with consumer protection,” said Phil Goldfeder, Chief Executive Officer of the AFC. “At this critical juncture for banking and fintech innovation, it is vital that the industry has a strong and united voice. Innovative BaaS banks are facing a crisis of a significant mismatch between the innovation driving consumer access to financial services and the regulatory mechanisms designed to ensure a fair and transparent banking system for all.”

AFC members are leveraging safe, transparent, and innovative solutions and partnering with leading fintech companies to enhance their digital lending, deposit, payments, and banking solutions. As the leading association representing some of the largest and most diverse fintech companies and innovative banks, AFC has a record of proven results working alongside regulators, policy makers, and consumer advocates to deliver much needed financial services to communities long forgotten by legacy institutions.

"As a Banking as a Service (Baas) Community Bank, Coastal is invested in providing a high level of service to our customers and the future of fintech and finance," said Eric Sprink, CEO of Coastal Community Bank. "The American Fintech Council (AFC) is setting a clear industry standard for responsible BaaS banks to follow. We're excited to join the AFC, the premier industry association representing responsible fintech companies and BaaS banks.  The AFC advocates for maintaining updated policies and regulations for modernizing community banking. We look forward to working alongside other innovative banks and companies with the same mission."

“Customers Bank is proud to be a new member of the American Fintech Council (AFC), the premier trade association for collaboration among the nation’s leading financial services providers,” said Jesse Honigberg, EVP for Products and Platforms at Customers Bank. “While Customers Bank is proud of its continued commitment to provide community banking services to clients across the country, our growth will be driven by blending the best of traditional banking with the opportunity that both emerging technology and innovative business models represent for all of our clients. AFC is the perfect place for us to work shoulder-to-shoulder with both colleagues and our legislative and regulatory partners to meet the challenges of changing ecosystems and evolving public policy.”

“As a leader in Banking as a Service (Baas), Evolve’s membership in the AFC is a perfect partnership. We look forward to collaborating with peer banks and fintech companies on the future direction of this innovative industry,” said Scot Lenoir, Chairman of Evolve Bank & Trust. “Our joint efforts will strengthen the ecosystem with significant benefits to our customers.”  

"At Five Star Bank, we are committed to embracing responsible financial innovation to better serve our customers, communities and Banking-as-a-Service clients,” said Sean Willett, EVP and Chief Administrative Officer of Five Star Bank. "By joining the American Fintech Council, we look forward to collaborating with other forward-thinking community banks and fintech companies to develop responsible banking solutions and standards for the digital age. The AFC provides an important forum for developing ideas, standards and policies that will shape the future of banking, and we are excited to contribute our unique community bank perspective."

"We're thrilled to be a part of the rapid expansion of the American Fintech Council here at Lineage Bank," said Kevin Herrington, President and CEO of Lineage Bank. "A transparent, inclusive, and customer-centric financial system is something we should all be working for, and making progress towards that goal will be our top priority as we join our fellow banking colleagues on this new endeavor."

“Portage Bank joined the AFC Team to support, promote, and work with other responsible and innovative banks that are shaping the future of financial services,” said Matt Moran, President of Portage Bank. “We are excited to be a part of the American Fintech Council and excited for the collaboration.”

“As a community chartered and low-income designated credit union that has embraced partnerships with fintech organizations to better serve our members, we fully support the American Fintech Council’s efforts to promote responsible and customer-centric innovation across our industry,” shared Anthony A. Mero, Chief Executive Officer of The Atlantic Federal Credit Union. “We look forward to collaborating on modern financial services and partnerships that we know firsthand can be mutually beneficial for financial institutions of all sizes and – more importantly – consumers at all stages of their financial journeys.”

“As Thread continues to explore its innovative deployment of embedded banking products to Main Street small businesses and consumers and additional ways to safely serve our customers, it’s more important than ever to collaborate with our colleagues to create a clear regulatory standard for the future of finance,” said Chris Black Chief Executive Officer and President of Thread Bank. “AFC represents responsible fintech companied and BaaS banks creating safe access to financial services and we are excited to join this growing coalition.”

AFC supports the next generation of fintech companies and banks at the intersection of technology and financial services. AFC is committed to robust industry standards that can provide certainty for innovative banks that recognize their role to ensure regulatory compliance. To this end, AFC has consistently engaged directly with key federal and state regulators at the highest levels. AFC’s focus on creating a responsible fintech environment has created a strong level of trust and respectful consideration by regulators and policymakers diligently working to create the proper regulatory ecosystem for BaaS banks to flourish in the modern banking environment.

Join fintech leaders and policymakers at the 7th Annual AFC Policy Summit taking place November 14, 2023 in Washington, D.C.