AFC emphasizes Johnson’s regulatory expertise and pragmatic approach as crucial for advancing responsible innovation in financial services

Calls on CFPB to prioritize rulemaking on Open Banking and Earned Wage Access

Washington, D.C. (July 23, 2026) – The American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative banks, sent a letter to the U.S. Senate Committee on Banking, Housing, and Urban Affairs strongly urging swift bipartisan confirmation of Brian Johnson as Director of the Consumer Financial Protection Bureau (CFPB).

“Mr. Johnson brings a unique combination of regulatory and legislative experience to this role and the perfect leader at the right time,” said Phil Goldfeder, CEO of the American Fintech Council. “With a strong leader and a pragmatic approach, the CFPB can provide the clarity and certainty for emerging responsible innovation in financial services that enable innovation without compromising on consumer protection.”

In its letter to Chairman Tim Scott and Ranking Member Elizabeth Warren, AFC outlines several key policy priorities that Johnson is uniquely equipped to address. AFC supported the CFPB’s 2025 Advisory Opinion clarifying the core principles of Earned Wage Access (EWA) services and recognizing key features that distinguish it from credit, and continues to support legislative action on EWA under the Administrative Procedure Act to provide the market with long-term stability. AFC has also expressed support for the ongoing effort to formalize consumers’ rights to their own financial data under Section 1033 of the Dodd-Frank Act, urging the CFPB to continue examining secondary-use and annual reauthorization provisions to improve financial data portability.

AFC emphasizes the need to encourage, rather than stifle, responsible innovation by taking a fresh look at the CFPB's existing regulatory frameworks. AFC specifically calls for a common-sense recalibration to exempt Buy-Now-Pay-Later (BNPL) products from the 2017 Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule, noting that the regulation unintentionally sweeps in products that it was never designed to regulate.

“Establishing clear, formal regulatory guidelines is critical to providing the market with long-term stability,” said Ian P. Moloney, Chief Policy Officer of the American Fintech Council. “Mr. Johnson’s leadership will ensure that CFPB engages constructively with industry to deliver clear, durable policy frameworks that foster innovation while delivering better outcomes for 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 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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