Thanks sponsors and calls for passage of legislation that strengthens state expertise in artificial intelligence to protect consumers and foster responsible innovation

Sacramento, CA (August 25, 2025) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, announced its strong support for California Senate Bill 69 (SB 69), which would ensure state regulators develop critical expertise in artificial intelligence (AI) and its applications in financial services.

“California has always been a leader in innovation, and this bill makes clear that leadership must extend to informed, responsible AI oversight in financial services that both protects consumers and encourages competition," said Phil Goldfeder, CEO of the American Fintech Council. “By equipping regulators with real expertise in AI, California is showing the nation how to strike the right balance between fostering responsible innovation and ensuring fairness for every consumer.”

The bill, introduced by Senator Jerry McNerney and advanced by the State Assembly, would require the California Attorney General’s office to recruit or train personnel with AI expertise, ensuring a coordinated, consistent, and informed regulatory framework across state agencies. AFC commends California lawmakers for recognizing the need to build regulatory capacity around AI, and stands ready to work with policymakers to ensure consumer-first, innovation-friendly policies that preserve California’s standing as a leader in responsible financial technology.

“Responsible fintech companies and innovative banks increasingly rely on AI to deliver safe, modern services—from expanding access to credit to servicing historically underserved communities,” said Ashley Urisman, Director of State Government Affairs at the American Fintech Council. “This legislation ensures regulators fully understand these technologies so they can protect consumers and encourage fair competition among companies leveraging AI.”

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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