AFC calls for swift passage of amendments to state’s Uniform Commercial Code to foster digital innovation and maintain leadership in financial services

Albany, NY (May 22, 2025) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, is urging the New York State Assembly to swiftly pass Assembly Bill 3307A, which would amend the state’s Uniform Commercial Code (UCC) to address recent advancements in technology, including the rapid growth of digital-first transactions. The bill, sponsored by Assemblymember Alex Bores, aims to modernize New York’s legal framework by accommodating digital transactions and providing legal clarity for emerging technologies.

“New York State has long been a leader in the global financial ecosystem, and this legislation will ensure that it continues to lead the way in digital finance,” said Phil Goldfeder, CEO of the American Fintech Council and a former NY Assembly Member. “Passing the bill will send a strong signal that New York State is committed to fostering responsible innovation and supporting fintech companies that create jobs, improve access to financial services, and promote economic growth.”

In a letter to Standing Committee on Judiciary Chairman Charles Lavine, AFC expressed support for the bill and emphasized its pivotal role in driving responsible innovation in New York. The bill would align the state’s legal framework with modern technological advancements by lowering transaction costs and improving the efficiency, security, and reliability of commercial and financial transactions. These changes will empower responsible innovators, including AFC members, to offer consumers more affordable credit, advanced payment solutions, and a variety of new, innovative products.

AFC also noted that UCC has not been updated since 2014, and technology has significantly outpaced the existing framework. Without these necessary updates, fintech companies may be forced to look to other jurisdictions that offer stronger support for innovation. Passing the bill will bring New York’s laws in line with other states’ efforts to modernize the UCC for new business models and digital transactions, ensuring New York remains a prominent financial hub.

“This bill is a crucial step in adapting the legal framework to support emerging technologies in New York State,” said Ashley B. Urisman, Director of State Government Affairs at the American Fintech Council.  “These amendments to the UCC will ensure the state remains at the forefront of commercial and financial progress, offering a stable and secure legal environment for responsible fintech companies and their customers.”

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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