House Bill 5544 would align Michigan with national framework and strengthen regulatory clarity for money transmission businesses

Lansing, Michigan (March 4, 2026) – The American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative banks, expressed its strong support for Michigan House Bill 5544, legislation that would modernize and streamline the state’s regulation of money transmission businesses by adopting the Conference of State Bank Supervisors’ Money Transmission Modernization Act (MTMA). In a letter to the Michigan House Finance Committee, AFC applauded Rep. Sarah Lightner for her work to expand access for Michigan consumers and urged lawmakers to advance the legislation.

“Modernizing payments regulation makes oversight more consistent and better aligned with the way consumers are accessing financial services today,” said Phil Goldfeder, CEO of the American Fintech Council. “By adopting the MTMA, Michigan can provide regulatory clarity that protects consumers while ensuring responsible innovators can continue delivering safe, transparent, and efficient financial services to families and small businesses across the state.”

In its letter, AFC emphasized that Michigan’s adoption of the MTMA would lower operational inefficiencies, support responsible innovation, and ensure that consumers and businesses who rely on digital payments benefit from a modernized system. More than 25 states have already enacted versions of the MTMA, reflecting a growing consensus that consistent, standards-based regulation is essential in an increasingly interconnected payments ecosystem.

“Michigan has an opportunity to join the growing number of states adopting a modern, harmonized approach to payments regulation,” said Ashley Urisman, Director of State Government Affairs at the American Fintech Council. “HB 5544 provides the clarity and consistency responsible companies need to operate efficiently while maintaining strong consumer protections. We look forward to working with the legislature to enact financial policies that better serve Michigan families and businesses.”

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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