Letter to House Financial Services backs provisions codifying dedicated innovation offices and predictable regulatory frameworks across federal financial regulatory agencies

AFC renews support for Act, reaffirming commitment to federal innovation offices

Washington, D.C. (March 26, 2026) – The American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative banks, submitted a letter to House Financial Services Committee leadership expressing strong support for the discussion draft of the Financial Services Innovation Act of 2026. The letter highlights the importance of codifying dedicated innovation offices within federal financial regulatory agencies, establishing a statutorily-based structure within federal financial agencies that will help innovative banks and fintech companies safely enhance consumer access to financial services.

“Clarity is key. The Financial Services Innovation Act builds on years of Congressional work to modernize federal oversight and gives innovators clear pathways to safely bring new financial products to market,” said Phil Goldfeder, CEO of the American Fintech Council. “Providing consistent regulatory engagement and structured innovation offices will help expand access to financial services, strengthen consumer protections, and reinforce America’s global leadership in financial technology.”

In its letter, AFC emphasizes that innovative banks and fintech companies need clear, predictable regulatory expectations to operate effectively and serve consumers. As technology-enabled financial services continue to evolve, inconsistent regulatory approaches and shifting agency priorities have created uncertainty for innovators, making durable statutory frameworks for innovation engagement increasingly important.

The discussion draft directly addresses these challenges by establishing Financial Services Innovation Offices (FSIOs) within key federal financial regulatory agencies. By codifying innovation as a core regulatory function and anchoring dedicated offices across administrations, the proposal builds lasting regulatory expertise in emerging technologies while preserving strong oversight and consumer protections. Without it, consumers are left exposed to the risks of an uneven regulatory landscape — where innovation outpaces oversight and gaps in protection go unaddressed.

“Markets function best with settled expectations. A structured, statutorily-based, and consistent approach to innovation that ensures agencies remain committed to these efforts regardless of the political winds of the day benefits regulators, financial institutions, and consumers alike,” said Ian P. Moloney, Chief Policy Officer at the American Fintech Council. “Codifying dedicated innovation offices across federal agencies will provide clarity and continuity in regulatory engagement while ensuring regulators can effectively evaluate and oversee emerging financial technologies. We urge Congress to advance this draft so regulators and innovators can work together to deliver safe, accessible, and responsible financial products to consumers.”

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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