Today, the American Fintech Council (AFC), announced further growth in membership and the launch of two new membership groups, the Regulatory Technology Committee and Legal Advisory Committee.
“We are thrilled to welcome these new members and leadership groups to the AFC team and look forward to working with them to promote policies that create an open and efficient marketplace that benefits everyone,” said Garry Reeder, newly appointed CEO of the AFC. “Our members are constantly working to better serve consumers and communities around the country. Expanding access to quality financial products and services is essential to forwarding our commitment to diversity, equity, and inclusion. We are excited to have these two groups help lead that effort.”
Although still in formation, the Regulatory Technology Committee already includes leading U.S. Regtech and artificial intelligence companies, and infrastructure providers focused on serving the fintech industry including Bond Financial Technologies, Inc., Hummingbird RegTech, Fintel Connect, Ocrolus, and Sila. This group will support the organization by demonstrating how technology can assist with financial services innovation that benefits consumers and businesses.
“Fintech will continue its explosive growth and become a much-larger share of the financial services industry,” said Shamir Karkal, Co-Founder and CEO of Sila. “It is critically important that we come together as an industry and be part of the process of policy development, especially as the U.S. looks to rebuild in the post-pandemic world. Sila supports the AFC’s efforts to highlight and foster responsible innovation and we look forward to partnering with the association.”
In addition, the expanding membership will also include the formation of the AFC Legal Advisory Committee, consisting of leading national law firms and regulatory thought leaders that support innovation in financial services. Inaugural members include Buckley LLP, Chapman and Cutler LLP, Cravath, Swaine & Moore LLP, Davis Polk & Wardwell LLP, Jenner & Block LLP, McGlinchey Stafford PLLC, Nutter McClennen & Fish LLP, and Shearman & Sterling LLP. The committee will serve to advance legal and regulatory initiatives, assist with critical policy issues and work to promote business development and growth in Fintech.
“Nutter is pleased to join AFC’s Legal Advisory Committee,” said Tom Curry, former U.S. Comptroller of the Currency and Partner at Nutter, McClennen & Fish LLP. “We look forward to assisting the AFC in its efforts to promote responsible innovation that protects consumers and expands access to safe and fair financial products and services.”