In response to NPRM, AFC calls for independent, transparent review of supervisory determinations to ensure fairness and accountability

Moloney: “We believe this Proposed Rule will allow the industry to continue to innovate and grow under the FDIC’s supervision”

Washington, DC (September 16, 2025) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, today submitted a comment letter in response to the Federal Deposit Insurance Corporation (FDIC)’s proposed rulemaking on Guidelines for Appeals of Material Supervisory Determinations. AFC commends the FDIC’s plan to reinstate an independent Office of Supervisory Appeals, and stresses that banks must be granted additional clarity for appealing material supervisory determinations, including those connected to potential enforcement actions.

“The FDIC’s proposal to restore an independent appeals office is an important step toward ensuring banks have a fair, objective, and transparent process when they disagree with supervisory findings,” said Phil Goldfeder, CEO of the American Fintech Council. “For the financial system to thrive, responsible innovative banks must have confidence that their concerns will be reviewed impartially, without bias, and in a timely manner.”

In its comment letter, AFC urged the FDIC to go further by clarifying that banks should be able to appeal all material supervisory determinations, even when those determinations are connected to potential enforcement actions. AFC also highlighted its support for the implementation of expedited timelines for appeals in urgent circumstances, such as those impacting a bank’s capital status.

“Regulatory transparency is essential to responsible innovation, and it’s imperative to further increase crucial accountability in the examination process by ensuring that any material supervisory determinations can be reviewed in an independent manner,” said Ian P. Moloney, SVP and Head of Policy and Regulatory Affairs at the American Fintech Council. “Examiners have broad discretion, which is a time-honored and important practice to ensure they are able to conduct oversight effectively. However, by expanding appeal rights and adopting expedited timelines in urgent cases, the FDIC can provide institutions with meaningful recourse, strengthen examiner accountability, and ultimately promote a more accurate and effective system of oversight.”

AFC commended Acting Chairman Travis Hill and is committed to working with the FDIC to finalize a framework that promotes transparency, fairness, and responsible growth in the banking system.

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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