Letter highlights importance of a de novo standard of review, independent appeals board, and increased transparency to ensure fairness for innovative banks

Washington, D.C. (April 21, 2026) – The American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative banks, submitted a comment letter to the Office of the Comptroller of the Currency (OCC) in response to its Notice of Proposed Rulemaking regarding Bank Appeals Process. AFC applauds the OCC's commitment to providing supervised entities a fair and effective mechanism for challenging material supervisory determinations and recommends key provisions to ensure the framework is accessible, credible, and effective in practice.

“A well-calibrated appeals process is essential for maintaining a fair and transparent regulatory environment that fosters responsible innovation,” said Phil Goldfeder, CEO of the American Fintech Council. “By modernizing these procedures, OCC is taking a meaningful step toward ensuring that all supervised institutions have access to a credible and impartial forum for resolving disputes.”

AFC strongly supports the adoption of a clearly articulated de novo standard of review, in which the reviewing authority considers matters anew without undue deference to prior conclusions, thereby providing the rigorous and independent scrutiny required for a truly impartial process. Such clarity would encourage institutions to engage more constructively with the appeals framework, leading to greater consistency in how supervisory standards are applied across the industry.

AFC also advocates for the creation of an independent Appeals Board to serve as the ultimate decision-making authority, and recommends the board include individuals with relevant expertise from outside OCC to introduce diverse perspectives and prevent institutional biases from influencing outcomes. To ensure long-term legitimacy, AFC suggests implementing clear eligibility criteria, strict conflict of interest standards, and staggered terms for board members.

“The transition to a de novo standard of review is a vital technical refinement that ensures the appeals process is a rigorous, independent evaluation rather than a simple validation of prior findings,” said Ian P. Moloney, Chief Policy Officer at the American Fintech Council. “By establishing a multi-member Appeals Board and publishing redacted decisions, OCC can provide the regulatory clarity necessary for innovative banks to align compliance programs with supervisory expectations and prevent disputes before they arise.”

Further, AFC proposes procedural improvements to reduce barriers to appeal, such as allowing senior executive management to authorize appeals and ensuring strong protections against retaliation. Finally, AFC urged OCC to broaden the scope of appealable matters to include examination ratings and other matters requiring attention to ensure the process captures all determinations with a material impact on supervised entities.

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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