Letter to Congressman Bill Foster backs study of supervisory technology to improve regulatory efficiency

Washington, D.C. (November 12, 2026) – The American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative banks, submitted a letter to Congressman Bill Foster (D-IL) in support of the Real-Time Regulatory Study Act of 2026. The legislation would direct the Federal Reserve to take an important step toward modernizing the nation’s financial supervisory infrastructure.

"As AFC members continue to transform how consumers access and manage their finances, it is increasingly important that the systems overseeing these activities evolve alongside the industry," said Phil Goldfeder, CEO of the American Fintech Council. “The Real-Time Regulatory Study Act presents an opportunity to strengthen the foundation of financial oversight and ensure regulators are equipped to adapt to a rapidly evolving landscape. We appreciate Congressman Foster’s leadership on this issue and his commitment to advancing policies that support a safe and innovative financial system.”

AFC has long advocated for greater use of supervisory technology to strengthen prudential oversight and improve regulatory processes. These tools can help enhance the collection and analysis of regulatory data, provide greater insight into the activities of supervised institutions, and support more effective supervisory practices.

“Technology is creating new opportunities to make financial supervision more effective and efficient, but regulators need the right tools to respond to these developments,” said Ian P. Moloney, Chief Policy Officer of the American Fintech Council. “Exploring open-source technologies and automated capabilities can help strengthen risk management, improve regulatory processes, and give supervisors better ways to identify and address potential threats across the financial system.”

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 nearly 175 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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