American Fintech Council testifying in Rhode Island and New York.

TLDR:

• American Fintech Council testified in Rhode Island and New York against legislation that would put state-chartered community banks at a disadvantage.
• They claim the legislation would harm consumers, remove financial options for local families, and potentially devastate the local economy.

The American Fintech Council (AFC) testified before the Rhode Island Senate Committee on Commerce and Policy and the D.C. Council Business and Economic Development Committee opposing legislation that would opt their states out of a federal law providing state-chartered community banks the same opportunities as nationally chartered banks. AFC CEO, Phil Goldfeder, and SVP Ian P. Moloney argued that the bills would harm consumers in need of safe financial services and put local banks at a disadvantage. Goldfeder and Moloney urged lawmakers to consider the implications of the proposed legislation and emphasized the importance of responsible access to credit. Additionally, AFC representatives met with New York government officials to discuss the positive impacts of fintech on the state’s banking system. They highlighted the role of fintech companies in providing affordable credit options for consumers. Overall, the AFC’s testimony and advocacy efforts aimed to promote regulatory compliance, consumer protection, and financial inclusion.