AFC CEO and former New York State Assemblyman Phil Goldfeder returned to state house in Albany for a joint hearing of New York State Assembly’s Banking Committee and the Committee on Science and Technology

Public hearing explored the impact of fintech and its role in creating critical access to financial services for families long forgotten by traditional institutions

Albany, NY (March 7, 2024) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies creating critical access to safe and affordable financial services, was pleased to offer testimony on the importance of safe innovation and regulatory modernization in New York. Phil Goldfeder, American Fintech Council CEO and former member of the New York State Assembly, returned to Albany today to testify before a joint hearing of the New York State Assembly Committee on Banking and Committee on Science and Technology.

“It was a great honor to serve the families of New York as a member of the Assembly, and I am equally excited to continue my public service advocating for responsible innovation that creates economic justice and equity for all New Yorkers, including those families I served as a member of the Assembly,” said Phil Goldfeder, CEO of the American Fintech Council. “AFC members are serving New Yorkers who need it most. AFC represents a cross-section of responsible fintech companies that embrace transparency and are rooted in regulatory compliance and consumer protection. Our members are committed to further working with state policymakers and regulators to advocate for pragmatic regulation that balances consumer access to financial services with strong and appropriate consumer protections.”

AFC is the fastest growing standards-based trade association representing responsible fintech companies of all sizes and innovative BaaS banks. Their mission is to promote an innovative, transparent, inclusive, and customer-centric financial system by supporting responsible 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 communities. AFC’s members are committed to providing innovative products that address consumer demand without compromising on regulatory compliance.

“Fintech companies have played a large role in providing new banking services to individuals in underbanked and unbanked communities, including in New York State. However, developments in the Fintech space are nascent and the industry has continued to grow exponentially in recent years,” wrote the Assembly Committees in their hearing notice. “It is important to ensure these forms of banking are subject to appropriate oversight, including cybersecurity and transaction integrity protections, given the evolving pace of cybercrime in financial transactions. This hearing will examine the services offered by FinTech companies, their role in New York’s banking industry, and their impact on access to financial services for New Yorkers.”

Now, more than ever, it is imperative that responsible innovators and prudent policymakers collaborate to craft sound public policy that will ensure the next generation can effectively engage with the financial products and services that fit their lifestyles best. AFC is committed to working with policy makers and supporting its members who believe in regulatory standards that balance access to financial services, innovation, and regulatory compliance. Their advocacy is paving the way for the future of financial services.