“The American Fintech Council (AFC) applauds the House Financial Services Subcommittee on Financial Institutions for holding this hearing and bringing greater attention to the need for regulatory fairness, transparency, and appropriately scaled oversight within the financial system. The development of clear and consistent ‘rules of the road’ for industry participants to follow when developing innovative products and services is critical to ensuring that innovation proceeds responsibly and sustainably. For these goals to be realized, we need candid, pragmatic discussions between legislators and experts like those today’s hearing facilitated.

“As we highlighted in our recent letter to the Committee on pragmatic policies to support community banking, effective supervision should recognize the diversity among financial institutions and the innovative models expanding access to credit and banking services for millions of Americans.

“Ensuring that supervisory and regulatory requirements are properly tailored is essential to fostering a vibrant, diverse financial services ecosystem that meets the needs of modern consumers and businesses. In addition, in order to support the continued growth of responsible innovation in the financial services industry, it is crucial that the regulators charged with supervising these activities execute them in accordance with their statutory mandate, and not reach beyond what Congress intended. We stand ready to further assist the Subcommittee as it continues to explore policies that encourage responsible innovation, strengthen innovative community banks, and expand access to safe, affordable financial services.”

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