American Fintech Council

The best part of waking up... is American Banker in your inbox! Doesn't have quite the same ring as a jingle we remember, but still nice to see our own Ian P. Moloney highlighted in this story by Robin Arnfield! While many companies and banks are doing things differently post Synapse, responsible #fintech companies and #innovative #banks have always held themselves to the highest regulatory standards and we are excited to see that is no longer the exception to the rule. 📰 READ: https://lnkd.in/eYJbPc-y Banks partnering with fintechs hold the ultimate liability for customer accounts, even though contractually they share this responsibility with fintechs, said Ian P. Moloney, senior vice president, head of policy and regulatory affairs at the American Fintech Council, or AFC. "They're engaging in what responsible fintechs were already doing such as proper suitability analysis and holistic, qualitative and quantitative risk assessment," he said.

Special and amazing treat for our members to hear from former Senator Chris Dodd on our member call yesterday! As one of the architects of the biggest financial regulatory reforms in recent history, there is no one better suited to discuss a prudent regulatory path for encouraging responsible, consumer-focused innovation. We are truly grateful for the opportunity to speak with Senator Dodd on a wide rage of important issues to the future of finance. Tremendous thanks to Arnold & Porter, where the Senator now serves as a member of the firm's Legislative & Public Policy group, for their tireless friendship and support!

Our team is growing and we couldn’t be more excited!!! Please help us give a warm welcome to Ashley Urisman, our new Director of State Government Affairs and Denise Lauria, PMP, CMP, our new Operations and Special Projects Manager! Both Ashley and Denise bring extensive experience in their respective fields and will play key roles in advancing AFC’s mission of promoting a #transparent, #inclusive, and customer-centric financial system. We have big plans for our continued growth and success on behalf of our members and the entire #fintech ecosystem!

Hayden Cole has not moved to #Delaware (yet), we just love spending time and talking #fintech with Tracy Shickel and so many friends at the University of Delaware!! We joined them for a Fintech Lunch and Learn, focusing on #regulatory #compliance and #risk #management. The thoughtful and forward thing program brought together fintech companies and the University of Delaware's faculty and staff to discuss collaborative opportunities. Special thanks to Gang Wang and Nektarios Tsoutsos co-directors of the the #UD fintech ecosystem and the growing team team at the University of Delaware Fintech Innovation Hub including Mike Bowman and our partners at the Center for Accelerating Financial Equity (CAFE)! Of course, it’s always better when we can spend time with members like Heather Holding, Head of Risk and Chief Privacy Officer from our board member and #DE based Best Egg!

Regulatory risk and #uncertainty complicate the planning and implementation of high-priority #technology initiatives. Assuming a continuation of #AI legal uncertainty, what are banking or financial industry executives to do? Passively wait and see? Actively lobby or support trade associations’ participation in policy discussions? Anticipate that EU or California precedents will prevail? Thank you Jeff Kutler and our friends at Global Association of Risk Professionals (GARP) for including us in this piece together with Anu Bradford, Mark Kennedy, Ricardo Baeza-Yates, Shane Tews and other thought leaders. “Responsible fintech and financial services executives should collaborate with regulators to establish clear guidelines that both protect consumers and allow for continued AI innovation,” Ian P. Moloney, SVP and head of policy and regulatory affairs at #AFC said. “We help our members take advantage of RFI periods and submit comment letters. When there are not clear guidelines for policy implementation, consumers are the ones who end up feeling the impact in the form of reduced choices and fewer innovative new products.” By and large, however, elected officials’ knowledgeability can vary, observed Moloney, “some come in with a pretty significant amount of sophistication, because they either engage with AI tools or they’re knowledgeable about the underlying technology,” he said. Others need “additional education.”

Congrats to our great friend and partner J. French Hill on his election as the next Chair of the U.S. House Committee on Financial Services. He is a longtime supporter of #responsible #financial #innovation and clear fintech industry guidelines that ensure consumers have #access to critical #safe and #affordable financial tools.   Over the last few years as Vice Chairman of the committee and Chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion, Congressman Hill has demonstrated a keen understanding of the complex realities of the financial industry, and the need to craft smart, effective, and pragmatic policies. We particularly appreciate his advocacy pushing the Federal Deposit Insurance Corporation (FDIC) to prioritize greater understanding of responsible fintech innovation after the agency reorganized its #FDITech office, as well as his support for clear and consistent regulations governing bank-fintech arrangements. Consumers have won a great advocate in Chairman Hill, and we look forward to working with him in his new role and supporting policies to empower responsible innovation that makes the finance industry more inclusive and transparent.

Today is the day! Everything you want and need to know about #OpenBanking from leading experts... Today (12/12) at 3pm ET, this is a webinar you do not want to miss! Register HERE: https://lnkd.in/ecV-mDZi With the help of our great friends at Morrison Foerster, we are excited to host an important conversation with Jeremy Mandell, Natalie Fleming Nolen, Derek Henderson, CPA, CAMS, Chief Compliance Officer at DR Bank and the great Matthew Janiga, Legal Counsel and Director of Regulatory and Public Affairs at Trustly! This session will provide a comprehensive overview of the final Consumer Financial Protection Bureau rule, its key issues, and how financial institutions are reacting. The panel will explore the challenges banks face in implementing the rule, particularly in light of recent legal disputes. Additionally, they will discuss potential future developments under the Trump Administration, shedding light on how regulatory shifts may impact Open Banking initiatives. Not too late to register for this webinar: https://lnkd.in/ecV-mDZi

We've got a new partner and we couldn't be more excited to add Community Investment Management to our growing coalition! #CIM works with innovative credit providers who offer responsible and transparent financial solutions to scale their lending services to historically underserved communities. With assets under management in excess of $1 billion, CIM brings a decade of experience as a leading voice in responsible lending practices to its partnership with #AFC. “We are proud to join the community of #responsible #fintech #innovators AFC represents and collaborate with like-minded stakeholders who share our focus on innovation as the key to strengthening our small businesses and local communities,” said Jacob Haar, Co-Founder & Managing Partner of CIM. “Consumers and small businesses that have historically lacked access to responsible financial tools should be at the center of policymaking and investing decisions. We look forward to advocating for the interests of the communities we serve and ensuring we build an inclusive financial future for all.”

As a standards based organization, #AFC embraces pragmatic and appropriate regulation that recognizes the nuances of emerging #safe and #affordable #financial options! As our CEO, Phil Goldfeder said to the The New York Times, “Our priorities for the coming years haven’t changed based on the election,” While we don’t always agree with the Consumer Financial Protection Bureau, we recognize the need for thoughtful dialogue and industry collaboration to ensure consumers have #access to the financial services they need without stifling innovation!

It was double duty for our very own Ian P. Moloney at the Opal Group #Fintech Specialty Forum in #DanaPoint #CA! First as a moderator for a one on one with the amazing David Kimball, Chairman and CEO of Prosper Marketplace and a founding member of #AFC to discuss what the future holds for #Fintech #Lending! His moderator duties continued for a panel discussing bank fintech partnerships with Adam Goller at Cross River, PJ Gupta, Founder and CEO of Checkbook, Ryan Rosett, Founder and CEO of Credibly, Tim Madigan of Garnet Capital Advisors, Noah Buchman, President and CRO at Propel Holdings, Scott Pearson of Manatt, Phelps & Phillips, LLP and Yuval Golan, Founder and CEO of Waltz!