Legislation will modernize the examination process and create a meaningful appeals pathway for innovative financial institutions

Washington, D.C. (May 21, 2025) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, today announced its support for the Fair Audits and Inspections for Regulators’ (FAIR) Exams Act. The bill, led by House Financial Services Committee Chairman French Hill (R-AR), aims to modernize the regulatory examination process by enhancing transparency, consistency, and accountability across federal banking agencies.

“A fair and transparent examination process is critical to a strong financial system,” said Phil Goldfeder, CEO of the American Fintech Council. “Too often, innovative banks encounter examination delays and inconsistent supervisory practices that hinder their ability to responsibly serve consumers. The FAIR Exams Act offers a thoughtful solution by reinforcing accountability and ensuring that regulators and financial institutions can engage constructively in the oversight process. We thank Chairman Hill and the bill’s co-sponsors for their commitment to regulatory consistency and stability in financial services.”

In a letter to Committee leaders, AFC highlighted reports among members of increasing variation in supervisory practices and growing delays in examinations—often due to a lack of familiarity with emerging financial technologies or business models. By empowering the Federal Financial Institutions Examination Council (FFIEC) with greater oversight authority and establishing a meaningful, consistent appeals process, the FAIR Exams Act directly addresses these concerns. It will help ensure that regulatory examinations reflect a clear understanding of today’s evolving financial services landscape while preserving rigorous standards that protect consumers and ensure system-wide stability.

“The FAIR Exams Act reflects a thoughtful and pragmatic approach to improving the federal oversight process,” said Ian P. Moloney, SVP and Head of Policy and Regulatory Affairs at AFC. “AFC and its members have long advocated for a more transparent regulatory environment where institutions engaged in responsible innovation are supervised effectively and fairly. This legislation creates essential guardrails and a robust appeals framework that can help strengthen trust and cooperation between regulators and the institutions they oversee.”

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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