Founded in 1999 as a locally owned community bank, OMB Bank brings leading change and advocacy principles to AFC during a time of regulatory uncertainty

Premier fintech association, AFC is paving the way for responsible BaaS banks to demonstrate clear standards for the industry’s path forward

OMB joins a growing group of diverse industry leading BaaS banks focused on driving access, transparency, consumer protection, and regulatory compliance

Springfield, MO (August 1, 2023) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies creating critical access to safe and affordable financial services, has announced that OMB Bank has become its newest member. OMB will join a growing group of diverse industry-leading Banking as a Service (BaaS) banks building the future of financial services with a focus on access, transparency, consumer protection and regulatory compliance.

“OMB leads by example and is an important voice at this pivotal moment for fintech,” said Phil Goldfeder, Chief Executive Officer of the AFC. “Innovative BaaS banks are facing a crisis of a significant mismatch between the innovation driving consumer access to financial services and the regulatory mechanisms designed to ensure a fair and transparent banking system for all.”

In 2022, OMB Bank announced that it was partnering with Jack Henry & Associates to build a new digital bank with the aim to expand geographically and serve customers nationwide. Utilizing the new suite of tools while focusing on regulatory compliance, OMB is leveraging innovation to enhance its digital lending, deposit, and payment solutions.

“The American Fintech Council is the premier association that is singularly focused on advocating for updated policies and regulation that reflect the evolution of community banking,” said Stephen Bishop, Chief Operating Officer at OMB Bank. “OMB believes in delivering an exceptional experience to our customers while utilizing innovative technology to scale our offerings and serve additional families in need. We are thrilled to join the AFC and work together with so many other responsible, innovative banks that are powering fintech and shaping the future of finance.”

AFC supports the next generation of fintech companies and banks at the intersection of technology and financial services. AFC is committed to robust industry standards that can provide certainty for innovative banks that recognize their role to ensure regulatory compliance. To this end, AFC has consistently engaged directly with key federal and state regulators at the highest levels.

“We are excited to have OMB as a core member of our growing BaaS banking membership and are eager to embed their team in our ongoing work to create lasting change for the industry,” Goldfeder added.

AFC has long advocated for, and been successful in, influencing the recently released joint interagency guidance on third party risk management as another step to create clarity for banks creating access to financial services by utilizing or partnering with responsible fintech companies. AFC’s focus on creating a responsible fintech environment has created a strong level of trust and respectful consideration by regulators and policymakers diligently working to create the proper regulatory ecosystem for BaaS banks to flourish in the modern banking environment.