Letter urges Congress to advance multiple bills aimed at assessing AI risks, fostering responsible innovation through innovation labs and modernizing supervisory infrastructure

Washington, D.C. (May 13, 2026) – The American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative banks, announced its continued strong support for a slate of legislation being considered at today’s markup by the House Committee on Financial Services. The bills reflect a cohesive vision for leveraging AI and advanced technology to modernize financial supervision, combat financial crime, and empower both regulators and regulated entities to support responsible innovation.

“The legislation under consideration today provides a pragmatic roadmap for establishing clear AI guidelines while ensuring our financial system remains resilient and competitive in a digital-first economy,” said Phil Goldfeder, CEO of the American Fintech Council. “From modernizing the examination process for innovative banks to establishing Innovation Labs at federal financial regulatory agencies, these bills would ensure that responsible innovation can flourish under a clear, transparent, and modernized regulatory framework that protects consumers and promotes financial health. We urge the committee to move them forward.”

AFC continues to highlight support for H.R. 4801, the Unleashing AI Innovation in Financial Services Act, which establishes supervised innovation labs within federal financial regulatory agencies and provide clear, risk-based “rules of the road” for the use of AI in financial services, H.R. 2152, the AI PLAN Act, which directs a whole-of-government assessment of AI-driven financial crime risks, and H.R. 8278, the FUTURES Act, which mandates a review of regulatory technology to ensure supervisory systems keep pace with modern financial infrastructure.

Additionally, AFC supports H.R. 8671, the Bank Fraud Technology Advancement Act, which aims to expand community bank access to AI-powered fraud detection technology to better protect consumers, as well as H.R. 2978, the GUARD Act, a measure to support state and local law enforcement combating sophisticated scams. AFC emphasizes that modernizing the examination process is essential to reducing unnecessary friction and improving the quality of supervisory information available to regulators.

“AFC appreciates the Committee’s continued leadership in advancing a forward-looking, technology-driven legislative agenda that promotes competition and responsible innovation,” said Ian P. Moloney, Chief Policy Officer of the American Fintech Council. “Each of these five bills contributes in distinct and complementary ways to a more innovative, safe, and sound financial system. We urge the Committee to advance these measures and stand ready to serve as a resource for its members as this agenda continues to develop.”

A standards-based organization, the American Fintech Council (AFC) is the largest and most diverse trade association representing financial technology (fintech) companies and innovative banks. On behalf of over 150 member companies and partners, AFC promotes 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.

‍