Letter calls for a coordinated federal review of bank-fintech partnerships to promote regulatory clarity and responsible innovation

Washington, DC (July 8, 2026) – The American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative banks, submitted a letter to the leadership of the Senate Committee on Banking, Housing, and Urban Affairs expressing strong support for the bipartisan Bank-Fintech Partnership Enhancement Act, introduced by Senators Pete Ricketts (R-NE) and Catherine Cortez Masto (D-NV). The legislation would direct federal banking regulators to study the impact of bank-fintech partnerships and recommend changes to strengthen the regulatory framework governing these relationships.

"Responsible bank-fintech partnerships have become a crucial aspect of the modern financial services industry. These partnerships have expanded access to safe, affordable financial products while helping community banks compete in an increasingly digital financial system," said Phil Goldfeder, CEO of the American Fintech Council. "The Bank-Fintech Partnership Enhancement Act is an important bipartisan step toward developing a modern, evidence-based regulatory framework that gives policymakers the information needed to strengthen our financial system."

In its letter, AFC highlights the importance of establishing a consistent and modern regulatory framework for bank-fintech partnerships that encourages competition, supports innovation, and provides greater clarity for regulated financial institutions and their partners. The legislation would direct federal banking regulators to study the impact of these partnerships on community bank health, competition, innovation, and consumer protection, while identifying potential updates to laws, regulations, and guidance that promote effective partnerships.

“A coordinated review across the federal banking agencies will provide valuable insight into how these partnerships operate while preserving strong oversight and consumer protections,” said Ian P. Moloney, Chief Policy Officer of the American Fintech Council. “Congress and regulators have an opportunity to use these findings to establish a more consistent approach that supports responsible innovation and meets the needs of today’s financial services ecosystem.”

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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