We have a new look!!! Our weekly news wrap is here and while the content remains the best in the business, we have significantly upgraded our format to make it easier for you to access the most relevant information. 📰 READ IT HERE: https://lnkd.in/eD9D22-K Bloom Credit, Arnold & Porter, Gregory Abel
American Fintech Council
Financial Services
Washington, District of Columbia 5,680 followers
Representing the financial services of tomorrow, today.
About us
AFC is the premier industry association at the intersection of technology and financial services, representing responsible fintech companies and innovative banks who deliver critical access to safe and affordable financial services. AFC’s mission is to promote an innovative, transparent, inclusive, and customer-centric financial system by fostering innovation in financial technology and encouraging sound public policy.
- Website
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https://fintechcouncil.org
External link for American Fintech Council
- Industry
- Financial Services
- Company size
- 2-10 employees
- Headquarters
- Washington, District of Columbia
- Type
- Nonprofit
- Founded
- 2021
- Specialties
- fintech, innovation, online lending, marketplace lending, payments, technology, responsible lending, advocacy, financial health, financial inclusion, racial equality, diversity, small businesses, truth in lending, and minority owned businesses
Locations
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Primary
853 New Jersey Ave SE
Washington, District of Columbia 20003, US
Employees at American Fintech Council
Updates
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We don’t let our CEO #Selfie often, but when he does it has to be for a true superstar! It doesn’t get much greater than harry johnson and the The Memorial Foundation! Phil Goldfeder spoke to the nations future leaders who were selected as part of the 3rd cohort of the #SocialJustice Fellows Program! This eight-week program unites 50 passionate leaders from across the nation to forge paths in social justice. He spoke about the power of #responsible #innovation and destroying the legacy barriers to #access in #financial #services! Most importantly, he urged the group to always find the #PublicService in their careers and daily lives. Thank you David J. Lewis for your tireless leadership and partnership! Huge shoutout for energy and enthusiasm from Tamara L. Bates, MPS... you are going to change the world!
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"Square pegs do not belong in round holes. The interpretation offered by the Consumer Financial Protection Bureau ignores the fundamental properties of #EarnedWageAccess and misclassifies the product in favor of expediency that will only serve to confuse borrowers and further promulgate a patchwork of state regulation. AFC also supports the Earned Wage Access Consumer Protection Act at the federal level, which would implement a pragmatic, consumer-protected approach to regulating the EWA industry, namely through the establishment of clear definitions." Read the Op-Ed by our very own Phil Goldfeder in today's American Banker #BankThink! As the trade association representing the largest #EarnedWageAccess providers across the United States, the AFC have worked to promote and advocate for industry best practices and consumer protection. We are deeply disappointed with the proposed interpretive rule released by the #CFPB related to #EWA that reverses its previous guidance and is contrary to the established language and interpretation of the Truth in Lending Act #TILA.
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BREAKING NEWS: LatinoProsperity, a national nonprofit organization championing equitable economic policies for the Latinx community, has joined our #CommunityAdvisoryBoard (CAB)! “We are eager to collaborate with leading fintech companies to ensure that the Latinx community benefits from transparent and responsibly regulated financial technologies. This partnership will amplify our impact and help us achieve our vision of economic equity. Additionally, we look forward to working alongside other esteemed members of the Community Advisory Board who are leaders in their fields," said Orson Aguilar, President and CEO of LatinoProsperity! LatinoProsperity is a Latinx-led organization dedicated to advancing equitable national, state, and local policies through targeted research and strategic advocacy. The organization envisions a thriving US economy where Latinos build intergenerational wealth and is driven by the voices and experiences of Latinx community members, academics, and leaders from various sectors. LatinoProsperity believes that responsible fintech policies are essential for the economic advancement of Latinos, and its participation in AFC's Community Advisory Board will enhance its efforts.
LatinoProsperity Joins Community Advisory Board (CAB) of American Fintech Council (AFC) | Press Releases | American Fintech Council
fintechcouncil.org
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Very timely and important message from one of our founding members Gilles Gade, CEO of Cross River this afternoon in American Banker! "[Fintech Companies] have enhanced competition and awoken incumbent banks from decades of complacency, returning some, but not all, to being customer-centric. They have found ways of bringing products to people traditionally excluded from the marketplace, and doing so with care, fairness and integrity. Responsible bank-fintech partnerships have made a meaningful difference in the lives of many Americans who might not otherwise have access to credit or banking services. Those with an absolute commitment to compliance and safety and soundness are relentlessly striving to uphold the highest standard, while working to address the ever-growing complexity and breadth of a responsible bank-fintech partnership business model." #WellSaid #Responsible #Innovation #Fintech
Stop stifling the innovation inherent in bank-fintech partnerships
americanbanker.com
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#AFC has a long and proven record of working collaboratively with legislative leaders in nearly every state across the country to craft legislation and regulation that balances #responsible #innovation, #consumer #protection and #access to important financial services! Less than one week away to CSG East where our CEO, Phil Goldfeder will be joining together with many of our members in #Maryland to speak with state legislative leaders from across the east coast!! #Partnership #Fintech #SeeYouThere
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Coverage of recent Consumer Financial Protection Bureau proposed Interpretive Rule on #EarnedWageAccess by Gregory Iacurci at CNBC! It’s inaccurate to call the service a “loan” or an “advance” since it grants workers access to money they’ve already earned, said Phil Goldfeder, CEO of the American Fintech Council, a trade group representing earned-wage-access providers. “I would resemble it closer to utilizing an ATM machine and getting charged a fee,” Goldfeder said. “You can’t utilize a methodology like APR to determine the appropriate costs for a product like this.” “Unlike the provision of credit or a loan, EWA is non-recourse and does not require a credit check, underwriting, base fees on creditworthiness; charge a fee in installments, charge interest, late fees, or penalties; or impact a user’s credit score,” he said in a written statement.
CFPB cracks down on popular paycheck advance programs. Here's what that means for workers
cnbc.com
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Welcome Bloom Credit as the newest member of #AFC! Bloom Credit offers a comprehensive platform that enables fintech companies and innovative banks to deliver robust credit services, improving their ability to serve consumers and partners effectively. “We are leveling the playing field for fintech companies and banks of all sizes who want to safely and seamlessly access and furnish accurate credit data and maximize credit optionality for consumers,” said Christian Widhalm, CEO of Bloom Credit. “Understanding the holistic credit picture of a consumer creates additional financial products and responsible tools to enable consumers pathways to greater financial health. We thank the American Fintech Council for their tireless support and advocacy on behalf of responsible innovators changing the status quo and we look forward to collaborating with the growing membership.” 📰 READ all about it Here: https://lnkd.in/drMScgf6
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What would a trip to #Texas be without a stop at Self Financial, Inc. headquarters in #Austin! Our own Phil Goldfeder sat down with Julie Szudarek, CEO, Holly Windham, GC and Evan H., SVP of Compliance and Bank Partnerships, to discuss their continued work and collaboration! Self Financial, Inc. has become a lifeline for so many families looking to responsibly build their credit and earn a pathway to a stable financial future! #Responsible #Innovation #Partners
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We represent the largest and most responsible #EarnedWageAccess (EWA) providers safely serving millions of consumers. We are deeply disappointed with the Interpretive Rule (https://lnkd.in/efHAEJWw) released this morning by the Consumer Financial Protection Bureau related to #EWA that reverses its previous guidance and is contrary to the established language and interpretation of the Truth in Lending Act (TILA). Millions of families across the country rely on this product and responsible industry participants have followed CFPB guidance for years. This interpretive rule creates uncertainty, limits competition, harms consumer access, and will actually serve to help payday and predatory lenders. We are equally disheartened that the CFPB chose to utilize an informal, non-binding, interpretative rule as opposed to a formal rulemaking process. While interpretive rules are helpful for understanding supervisory expectations at the time of issuance, they do not carry the same effect as formal rulemaking and often leave market participants without the clarity and long-term regulatory expectations they need to safely serve their consumers.
AFC deeply disappointed with the Interpretive Rule released by the CFPB
fintechcouncil.org