AFC advocates for the Colorado Department of Law to refine human review requirements, prevent duplicative disclosure obligations, and align state rules with existing federal financial services protections

Current proposal could limit access to responsible and affordable credit options for Colorado families and small businesses

Denver, CO (October 26, 2026) – The American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative banks, submitted supplemental comments to the Colorado Department of Law regarding the interim draft regulations implementing Senate Bill 26-189, the Colorado Automated Decision-Making Technology (ADMT) Act. In testimony to the Department, AFC Director of State Government Affairs Ashley Urisman highlights AFC’s recommendations for strengthening consumer protections without imposing unnecessary or duplicative compliance burdens.

“We appreciate the Colorado Department of Law’s continued engagement with stakeholders to establish a thoughtful regulatory framework for automated decision-making technologies,” said Phil Goldfeder, CEO of the American Fintech Council. “While the revised proposal reflects certain improvements, it is essential that the final regulations avoid duplicative requirements that will limit access to safe and affordable credit for Colorado families.”

AFC emphasizes the need for a human review framework that preserves consistent credit decisioning. Testimony cautions that requiring financial institutions to independently reconsider every properly executed underwriting determination could introduce disparate treatment concerns and undermine the consistency that existing fair lending programs are designed to preserve. AFC urges the Department to allow institutions to employ a streamlined review process when a consumer does not identify materially inaccurate information, a technological error, or additional evidence reasonably capable of changing the outcome.

“Financial institutions are already subject to comprehensive federal requirements governing credit decisions, disclosures, data accuracy, privacy, and fair lending,” said Ashley Urisman, Director of State Government Affairs at the American Fintech Council. “By harmonizing state regulations with established protections under the Equal Credit Opportunity Act and the Fair Credit Reporting Act, Colorado can promote consistent consumer protections and avoid operational burdens that offer limited value.”

AFC also advocates for objective, risk-based standards that focus regulatory oversight on truly consequential determinations rather than routine administrative functions. Automated systems executing predetermined, consistently enforced eligibility criteria should not be treated as exercising independent judgment because they operate without manual intervention. Failing to distinguish routine processes from complex decision-making models risks diverting critical compliance resources toward low-risk activities, without delivering meaningful protections to consumers.

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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