Bicameral legislation sponsored by Rep. Hill and Sen. Rounds advances AFC-backed approach to safe, inclusive AI adoption in consumer finance

Washington, D.C. (August 13, 2025) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, today submitted a letter to Congress in support of the Unleashing AI Innovation in Financial Services Act (S. 2528 and H.R. 4801), bipartisan legislation that would establish supervised AI innovation labs across federal financial regulatory agencies. Introduced by Rep. French Hill (R-AR) and Sen. Mike Rounds (R-SD), the bill would create structured spaces for regulators and industry to collaborate on developing, testing, and deploying artificial intelligence tools, accelerating responsible innovation while preserving strong consumer protections.

“AFC has long championed a balanced approach to AI in financial services, one that allows innovative technology to flourish while upholding rigorous safeguards for consumers,” said Phil Goldfeder, CEO of the American Fintech Council. “By creating clear rules of the road and giving both regulators and companies a safe environment to responsibly innovate around AI, this legislation charts the right course forward. It’s a pragmatic win for financial inclusion, competition, and American global leadership.”

The bill’s establishment of AI innovation labs is well aligned with the White House’s AI Action Plan and AFC’s own recommendations to the Treasury Department last year. The proposal reflects AFC’s policy principles by encouraging public-private collaboration, eliminating regulatory fragmentation, and ensuring new technologies are evaluated with appropriate risk management and transparency.

“The future of financial services depends on policymakers and innovators working hand in hand. This bill does exactly that: it empowers regulators to better understand emerging AI tools and builds a unified, risk-based approach to oversight that enables responsible growth and innovation,” said Ian P. Moloney, SVP and Head of Policy and Regulatory Affairs at AFC. “We commend Sens. Rounds, Martin Heinrich, Thom Tillis, and Andy Kim, along with Reps. Hill, Ritchie Torres, Bryan Steil, and Josh Gottheimer, for their leadership on this legislation.”

A standards-based organization, AFC is the premier trade association representing the largest financial technology (Fintech) companies and innovative banks offering embedded finance solutions. AFC’s mission is to promote 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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