Letter supports AI AGENT Act and commends Senator Mark Warner for thoughtful approach

Advocates for a coordinated, technology-neutral, and unified federal approach to AI regulation in financial services

Washington, D.C. (August 27, 2026) – The American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative banks, sent a letter in support of U.S. Senator Mark Warner’s Artificial Intelligence Access, Gatekeeper Exchange, and Nondiscriminatory Transfer Act (AI Agent Act). AFC emphasizes the need for a clear and durable federal framework for agentic AI tools as they become increasingly embedded in the financial ecosystem.

“As new and innovative AI tools continue to transform the financial services landscape, it is critical that we establish rules to ensure they operate securely and fairly,” said Phil Goldfeder, CEO of the American Fintech Council. “We commend Senator Warner for his thoughtful approach to agentic AI and for engaging with industry stakeholders to build a secure framework that seeks to promote responsible innovation, consumer protection, and regulatory accountability.”

AFC supports several key provisions of the AI Agent Act that align with its long-standing advocacy for risk-based AI regulation. Specifically, AFC supports Section 4(c) of the bill, which directs the National Institute of Standards and Technology (NIST) to identify open protocols and develop model technical standards for custodial user agents (CUA). AFC encourages NIST to utilize an open, industry-informed, and consensus-based process similar to the NIST AI Risk Management Framework, ensuring standards remain workable for institutions of varying sizes and durable enough to keep pace with rapid technological advancements.

“AI tools inherently lack geographic constraints and should not be governed by a fragmented patchwork of state requirements,” said Ian P. Moloney, Chief Policy Officer of the American Fintech Council. “Establishing a unified and federal approach, as outlined in Section 4(h) of the bill, will help prevent compliance challenges and remove barriers to entry for smaller institutions. AFC also supports the creation of an interagency working group to coordinate efforts on CUA-related fraud and misuse, which will help to ensure a whole-of-government understanding of the threat landscape.”

AFC has previously advocated for the Unleashing AI Innovation in Financial Services Act, the AI PLAN Act, and comprehensive feedback to the Department of the Treasury on the uses, opportunities, and risks of AI in financial services. AFC remains committed to a context-specific approach to AI oversight and looks forward to continuing its work with lawmakers on the AI AGENT Act.

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.

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