Reaffirms support for the Unleashing AI Innovation in Financial Services Act and urges robust consideration of additional legislative proposals

Washington, D.C. (December 10, 2025) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, sent a letter to the House Financial Services Committee announcing its support for bills examined in the hearing “From Principles to Policy: Enabling 21st Century AI Innovation in Financial Services.” AFC reaffirmed its backing of H.R. 4801, the Unleashing AI Innovation in Financial Services Act, and encouraged lawmakers to continue evaluating and advancing additional proposals aimed at fostering responsible, consumer-centric AI adoption across financial services.

AFC previously endorsed H.R. 4801 in August for its pragmatic, bipartisan approach to supervised innovation that empowers regulators and the industry to collaboratively test and deploy AI tools in safe, structured environments.

“Provided the right guardrails, and implemented responsibly, AI has the potential to make financial services safer, more accessible, and more inclusive,” said Phil Goldfeder, CEO of the American Fintech Council. “H.R. 4801 remains a standard for a thoughtful, bipartisan framework that gives regulators the tools they need to understand emerging technology while advancing consumer protection, competition, and American leadership in financial innovation.”

The Committee’s hearing will also examine several other legislative proposals, including H.R. 2152 (PLAN Act), H.R. 1734 (Preventing Deep Fake Scams Act), a House Resolution on AI in financial services and housing, the AI INSIGHT Act discussion draft, and the FUTURES Act discussion draft. AFC supports the objectives of these efforts, particularly those that promote regulatory clarity, consumer protection, and modernized supervisory tools, and applauds the Committee for taking essential steps toward shaping a forward-looking national AI policy framework.

“Regulators and financial institutions alike need modern, risk-based tools to evaluate and deploy AI responsibly,” said Ian P. Moloney, Chief Policy Officer at AFC. “The proposals considered today reflect a serious, bipartisan effort to move beyond high-level principles and build actionable policy frameworks. We urge Congress to advance these discussions and create cohesive standards that avoid fragmentation and promote safe, responsible innovation across the financial ecosystem.”

AFC stands ready to collaborate with Congress, regulators, and industry partners to ensure AI policy in financial services enhances inclusion, strengthens consumer protections, and supports a unified regulatory approach. The organization will continue to advocate for legislation that provides supervised environments for innovation and equips regulators to keep pace with emerging technologies.

A standards-based organization, AFC is the premier trade association representing the largest financial technology (Fintech) companies and innovative banks offering embedded finance solutions. AFC’s mission is to promote a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.

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