Calls for continued focus on developing a modern, risk-based federal framework to support bank-fintech partnerships, BNPL, and earned wage access

Statement delivered as important subcommittee hears testimony from AFC members and deliberates over multiple bills

Washington, D.C. (January 13, 2026) – The American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative banks, submitted a statement for the record to the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence ahead of today’s hearing, “Delivering for American Consumers: A Review of FinTech Innovations and Regulations.” AFC’s statement outlines pragmatic recommendations to modernize oversight, preserve consumer access to affordable financial products, and strengthen the innovative, responsible partnerships between banks and fintech companies.

AFC emphasizes that fintech products, including buy-now-pay-later, have expanded access to consumer credit and increased competition with traditional financial products, while responsible bank-fintech partnerships meet strong consumer demand for digital-first services that improve access, transparency, and financial inclusion. AFC urges the Subcommittee to continue its efforts to codify clear, risk-based regulatory frameworks that preserve consumer choice, support responsible providers, and enable these partnerships to continue delivering safe, affordable, and innovative financial solutions for all Americans.

“Consumers are clearly demanding modern financial tools that are transparent, flexible, and affordable, especially as household budgets remain tight. This Subcommittee can support that demand by setting clear, risk-based rules that protect consumers and keep responsible products accessible,” said Phil Goldfeder, CEO of the American Fintech Council. “A consistent, thoughtful policy framework ensures that distinct products continue to expand access and provide affordable, flexible financial solutions."

AFC’s statement also calls on Congress to reduce the patchwork of state and federal rules for fintech that can impede growth, codify a unified approach to supervision, and encourage the use of regulatory technology and supervisory technology to improve examination efficiency. Additionally, AFC supports the reintroduction of the Earned Wage Access Consumer Protection Act, which establishes clear federal standards that protect workers and ensure continued access to responsible EWA products for American consumers.

“Clear, risk-based regulatory frameworks are essential to ensuring consumers can access safe and affordable financial products while allowing responsible providers to grow and scale,” said Ian P. Moloney, Chief Policy Officer of the American Fintech Council. “By modernizing supervision and adopting tools like regtech and suptech, regulators can better focus on supporting innovative solutions that strengthen financial inclusion and consumer choice.”

A standards-based organization, the American Fintech Council (AFC) is the largest and most diverse trade association representing financial technology (fintech) companies and innovative banks. On behalf of over 150 member companies and partners, AFC promotes a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.

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