Innovative national nonprofit network and leading responsible fintech association join together in historic collaboration

Both dedicated to helping families build pathways out of debt and share a better future for Americans

Washington, D.C. (June 6, 2023) – The American Fintech Council (AFC), the leading industry association representing responsible fintech companies has announced today a new strategic alliance with Credit Builders Alliance, a national network of nonprofit organizations helping millions of consumers build credit and participate in the mainstream financial system.

“We are dedicated to empowering communities that have been historically left out of the traditional financial system and creating a foundation for a healthy financial future,” said Dara Duguay, Chief Executive Officer of Credit Builders Alliance. “The American Fintech Council shares our passion by utilizing responsible innovation to enable financial inclusion and create critical access to safe credit for millions of consumers. This new collaboration, in addition to our many others, will allow us to share resources and expertise and further expand our impact in communities who need us most.”

Working together will create countless opportunities for members of both organizations to collaborate and provide innovative financial literacy offerings, introduce the latest safe and affordable fintech products, and work to create pathways out of debt for families overlooked by the traditional financial system. In addition, both organizations will work together on policy initiatives of mutual interest such as alternative data in underwriting, new trends in credit reporting, and regulation that promotes consumer protection and innovations in credit.

Credit Builders Alliance is a national nonprofit dedicated to building the capability of a diverse and growing network of partner nonprofits and the consumers they serve, who are predominantly low to moderate income. The goal is to help borrowers with poor or no credit to eventually participate in the mainstream financial system through building positive credit.

“Education, transparent products and financial empowerment are critical tools necessary to help families build a credit history,” said Phil Goldfeder, Chief Executive Officer at the American Fintech Council. “Credit Builders Alliance is on the front lines of helping consumers with invisible credit get a fair start. Their vast network of community nonprofits, combined with the responsible and innovative fintech companies at AFC, will provide immediate benefit to those families in need, but also create opportunities to advocate for our shared vision of regulatory modernization.”

AFC and its members deliver for customers by advocating for the next generation of companies at the intersection of technology and financial services. It fosters innovative, transparent, and responsible products that promote competition, consumer protection, financial health, inclusion, and equity. AFC is committed to robust industry standards, focused on consumer protection and regulatory compliance, in addition to advocating for and embracing appropriate government regulation.