AFC letter to Legislature backs proposal to provide financial and credit counseling for New Yorkers

Albany, NY (March 11, 2026) – The American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative banks, announced its strong support for a proposal by Assembly Banking Chairman Clyde Vanel to establish a statewide financial literacy initiative in New York. In a letter to Speaker Carl E. Heastie and J. Gary Pretlow, Chair of the Assembly Ways and Means Committee, AFC expressed support for the proposal that would expand access to credit and financial education programs for consumers across the state.

“Strong financial literacy is essential to helping consumers successfully navigate today’s increasingly complex financial system,” said Phil Goldfeder, CEO of the American Fintech Council. “Giving people the resources to understand credit, build savings, and make informed financial decisions will help empower working families throughout New York to establish long-term financial security."

In its letter, AFC emphasized that improving financial literacy plays a critical role in expanding responsible financial access, particularly for underserved and historically marginalized communities. Programs that help individuals build credit, develop sustainable savings habits, and understand core investment principles can equip working families with the practical tools necessary to achieve greater financial stability.

“Effective financial education must be practical, not theoretical. New Yorkers deserve more than lessons on how credit and money works; they deserve real tools to help build their financial future. New Yorkers deserve a clear pathway to improve their wealth. The effort to improve individual and household finances directly boosts New York’s economy,” said Assembly Banking Chairman Clyde Vanel. “Through the Committee on Banks, the budget proposal would create a statewide, practical financial literacy program that gives every New Yorker the opportunity to turn knowledge into financial security and give them a ladder to improve the financial situation for themselves and their families.”

“Practical financial education and guidance can make a meaningful difference in helping consumers improve their financial wellbeing,” said Ian P. Moloney, Chief Policy Officer at the American Fintech Council. “The programs proposed under Assemblyman Vanel’s financial literacy initiative, particularly those focused on credit and financial counseling, will help New Yorkers take control of their expenses and better understand the financial opportunities available to them.”

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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