Letter outlines AFC priorities and critical steps needed to foster responsible innovation and ensure regulatory clarity

Washington, D.C. (January 22, 2025) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, today submitted a letter to Acting FDIC Chairman Travis Hill congratulating him on his ascension to the chairmanship and outlining key priorities for fostering responsible innovation and improving regulatory clarity in financial services. In the letter, AFC specifically commends Chairman Hill’s dedication to balancing innovation with financial system stability and urges swift action on key priorities to modernize oversight, enhance collaboration, and strengthen the regulatory framework needed to support a rapidly evolving financial services industry.

“Acting Chairman Hill brings a thoughtful and pragmatic approach to the FDIC at a critical moment for the financial services sector,” said Phil Goldfeder, Chief Executive Officer of AFC. “His commitment to fostering innovation while upholding stability and trust in the financial system closely reflects AFC’s core values. We are excited to continue working with Acting Chairman Hill to create forward-thinking policies that expand financial access, support responsible innovation, and enhance consumer protections.”

In its letter, AFC calls for reestablishing the FDIC’s FDITech Office as a centralized hub for engagement with innovative banks and fintech companies, emphasizing the importance of collaboration and transparency in fostering responsible growth. It also urges the FDIC to adopt supervisory technology tools and provide enhanced examiner education to create a modernized approach to oversight that reflects the realities of today’s banking landscape. Additionally, AFC advocates for reaffirming the FDIC’s longstanding views on preemption of state laws to prevent state-level regulatory fragmentation that could undermine the fintech ecosystem and jeopardize access to innovative financial tools for millions of Americans.

“The FDIC’s leadership under Acting Chairman Hill marks an exciting opportunity to align responsible innovation with robust oversight,” said Ian P. Moloney, SVP and Head of Policy and Regulatory Affairs at AFC. “Acting Chairman Hill has shown a deep understanding of the evolving financial ecosystem and a commitment to policies that ensure both consumer protection and industry growth. By fostering open collaboration and adopting forward-thinking regulatory practices, the FDIC is well-positioned to support a resilient and inclusive financial system that meets the needs of today’s consumers.”

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.