AFC responds to House Financial Services Committee Ranking Member Maxine Waters Request for Information on the use of AI in the financial marketplace  

Letter urges a unified federal framework that supports responsible innovation and expands access to AI tools

Washington, D.C. (August 13, 2026) – The American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative banks, submitted a comment letter to the House Committee on Financial Services in response to Ranking Member Maxine Waters Request for Information on the use of artificial intelligence in the financial marketplace. AFC urges Congress to pursue a unified, risk-based, and context-specific approach to AI regulation that promotes responsible innovation while protecting consumers.

“AI is a powerful tool that can expand access to financial services, strengthen fraud prevention, and improve products for consumers,” said Phil Goldfeder, CEO of the American Fintech Council. “Congress has a crucial opportunity to establish a unified regulatory framework for AI use that builds on existing consumer protections while giving financial institutions the clarity they need to deploy AI responsibly.”

AFC emphasizes that AI regulation should be risk-based and context-specific, rather than creating new requirements based solely on the technology being used. AFC recommends applying existing regulatory frameworks when AI is used to enhance existing financial products and services, and encourages distinct oversight only when AI is used to create wholly new products or services. The letter also reiterates the need for a unified federal approach to AI regulation to avoid a patchwork of state requirements that could create compliance challenges and barriers to entry for smaller institutions.

“As policymakers consider the future of AI in financial services, it is important that new requirements do not disproportionately burden smaller institutions,” said Ian P. Moloney, Chief Policy Officer of the American Fintech Council. “A thoughtful federal framework should give community financial institutions access to scalable AI tools while preserving the strong consumer protections and accountability requirements already in place.”

AFC also highlights the growing role of AI in both combating and enabling financial crime, urging policymakers to take a coordinated, whole-of-government approach to the evolving threat landscape. Additionally, AFC calls for continued public-private collaboration on responsible frontier AI deployment and supports regulatory sandboxes and AI Innovation Labs that allow financial institutions to test emerging technologies in partnership with regulators.

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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