Premier fintech trade association takes their members, education and advocacy to multiple states across the country

Responsible innovation creates financial equity without compromising on consumer protection and is critical to understand when drafting, passing, and implementing new state legislation and regulation

Washington, D.C. (October 19, 2023) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks creating critical access to transparent and affordable financial services, recently visited with legislators and regulators in multiple states to discuss the importance of safe innovation and regulatory modernization. Phil Goldfeder, American Fintech Council CEO, and former member of the New York State Legislature led the important missions to New York City and Albany in New York, San Francisco, California and concluded at Boston Fintech Week in Massachusetts.

“Our responsible and diverse members are rooted in regulatory compliance and consumer protection, and we are committed to working with state regulators and policy makers to develop reasonable and appropriate regulation that balances consumer access to financial services with strong consumer protections,” said Phil Goldfeder, Chief Executive Officer of the AFC. “AFC members are democratizing financial services by providing critical access and offering struggling consumers and families a safe, affordable and transparent financial lifeline.”

Together with more than a dozen AFC members, Goldfeder, led a delegation of innovative banks and fintech companies to meet with the New York State Department of Financial Services (DFS), California Department of Financial Protection and Innovation (DFPI) and almost a dozen members of the state legislature. As a former elected official and member of the New York State Legislature, Goldfeder brings a unique perspective as he advocates for responsible Fintech companies and AFC members in state houses across the country and in Washington, D.C. AFC members discussed the diverse nature of their companies and products including Banking-as-a-Service, earned wage access, buy now pay later, bank-fintech partnerships and expressed their strong willingness and desire to collaborate.

"As a mission-driven organization providing affordable credit and savings capabilities that empower our members to build a better future, Oportun is grateful to engage with our elected leaders to discuss ways we can advance financial inclusion in our communities together,” said Ezra Garrett, SVP Public Affairs & Impact at Oportun.

“DailyPay is proud to stand with the American Fintech Council in their commitment to supporting responsible innovation in financial technology,” said Ryan Naples, Director of Public Policy for DailyPay. “We are grateful for their leadership and their shared commitment to data-based, consumer-centric regulation, as well as their support for Dailypay’s mission of improving worker financial health through low cost or no cost alternatives to predatory financial strategies with earned wage access.”

“Cross River’s partnership with AFC and its partner-members is integral to ensuring consumers have access to responsible credit and banking services, as Cross River intersects every vertical of the fintech and banking industry from lending to payments to banking as a service,” said Tara Rider, Head of State Government Affairs at Cross River. “Working with regulators and legislators in New York and California has yielded positive, constructive dialogue and resulted in sound policy—bridging innovative technologies with consumer protections. We look forward to continuing to work with policy makers across the country to continue to provide consumers with access to the financial products they need.”

In addition, together with Yana Miles, SVP, Head of Regulatory Affairs and General Counsel, at AFC, they participated at Fintech Week at the Boston Federal Reserve to discuss Open Banking, Banking-as-a-Service and FedNow. AFC is committed to supporting its members who believe in regulatory standards that balance access to financial services, innovation, and regulatory compliance. Their advocacy in states across the country and Washington, D.C. are paving the way for the future of financial services.