The American Fintech Council (“AFC”) has expanded its membership, adding 10 additional members and broadening to include digital banks, robo-advisors, RegTech and other fintech firms. New members include some of the country’s leading neobanks, Varo and GreenDot, employer-based financial product provider, Salary Finance, and RegTech firm, Hummingbird, a compliance management platform for fintechs. AFC has also introduced a Community Advisory Board to further its mission in promoting policies that advance responsible innovation and inclusivity within financial services.
The AFC was formed last week as the leading unified voice of the fintech industry, bringing together the most responsible industry actors. Now with more than 50 members across banking, lending, RegTech, wealth management, and other fintech segments, with more joining, the AFC will advance pro-consumer policies consistent with its principles of financial inclusion, racial equity and embracing regulation to promote responsible innovation. AFC members live by these principles through adherence to strict self-regulatory standards established with non-profit and advocacy partners, such as the Small Business Borrowers’ Bill of Rights, and by pursuing policies that advance responsible practices throughout the market.
AFC is pleased that Varo has joined its Executive Committee, as the third bank on the committee. “As the first all-digital bank with a national charter, Varo has blazed a trail by championing responsible innovation that is driven by what the customer needs,” said Colin Walsh, founder and CEO of Varo. “The American Fintech Council is poised to play a critical role in the US regulatory landscape. We are excited to be a founding member and to contribute our expertise alongside other pioneers in shaping the future of innovation across financial services.”
In order to help AFC guide the fintech industry as a force of responsible innovation that reaches underserved communities, the AFC has established a Community Advisory Board of consumer advocacy, CDFI, and academic organizations. Founding members include the Woodstock Institute, Capital Good Fund, Accion Opportunity Fund, and Professor Cornelius Hurley of Boston University.
“We are coming to the table with the entities that represent the evolution of financial services, in order to help guide finance towards responsible practices, racial justice and the creation of responsive and affordable products,” said Horacio Mendez, President and CEO of Woodstock Institute, a leading consumer advocacy organization in the areas of fair lending, wealth creation, and financial systems reform. “Our first partnership with the American Fintech Council, to advance a 36% APR maximum rate for consumer loans in Illinois, has been a remarkable precedent and we look forward to continuing this partnership.”
With the diversity of these new members and new Community Advisory Board, the AFC will promote dialogue as a source of thought leadership, collaboration and data sharing with government and academic researchers. AFC looks forward to proactive dialogue with policymakers, regulators, nonprofits and civil rights organizations, and to together creating new best practice standards.
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