AFC applauds Congress for passing landmark legislation

Letter to the President highlights bipartisan reforms that support credit access, homeownership, and local economic growth

Washington, DC (June 24, 2026) – The American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative banks, sent a letter to President Trump urging him to sign H.R. 6644, the 21st Century ROAD to Housing Act. AFC supports this bipartisan package of targeted reforms that strengthen community banks, expand access to credit, and help financial institutions better serve consumers and communities across the country.

“Community banks and their fintech partners are critical to expanding access to financial services, supporting local economies, and helping families achieve homeownership,” said Phil Goldfeder, CEO of the American Fintech Council. “The 21st Century ROAD to Housing Act includes practical, bipartisan reforms that will allow these institutions to dedicate more resources to serving consumers, financing housing opportunities, and driving economic growth in communities nationwide. We thank leaders in Congress for their tireless efforts to pass this bipartisan legislation, and we urge the President to sign it into law to strengthen the community banking ecosystem nationwide.”

In its letter to President Trump, AFC highlighted the important role community banks and innovative banks play in delivering modern financial services, particularly in underserved communities. The legislation’s targeted regulatory reforms will help ensure these institutions have the flexibility to better meet the evolving needs of consumers while maintaining strong safety and soundness standards.

AFC specifically supports provisions including the Tailored Regulatory Updates for Supervisory Testing (TRUST) Act, which would update the asset threshold for extended examination cycles for well-managed institutions, and the Advancing the Mentor-Protégé Program for Small Financial Institutions Act, which would establish a Treasury-led program to strengthen the capacity of small, rural, and minority depository institutions. AFC has consistently advocated for these measures as part of broader efforts to promote responsible innovation, expand financial inclusion, and ensure community-focused institutions can continue serving consumers effectively.

“Modernizing regulatory requirements to reflect today's banking landscape will help community banks compete, innovate, and better meet the needs of consumers,” said Ian P. Moloney, Chief Policy Officer of the American Fintech Council. “The provisions included in this legislation, including updates to examination thresholds and support for small and minority depository institutions, represent commonsense reforms that will strengthen access to credit and support investment in communities across the U.S.”

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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