American Fintech Council Reports Record Growth and Advocacy Wins in 2026 Mid-Year Review

The American Fintech Council (AFC) has released its 2026 Mid-Year Report, detailing a significant intensification of its lobbying and legal efforts to protect bank-fintech partnerships. For fintech professionals, this report signals a critical shift toward aggressive litigation and state-level advocacy as the industry fights to maintain interstate banking standards and Earned Wage Access (EWA) classifications.

What was announced

The AFC, currently the largest industry association representing the intersection of fintech firms and innovative banks, used its mid-year update to highlight a massive expansion of its regulatory and legislative footprint. The organization reported engaging in more than a dozen statehouses during the first half of 2026, where it successfully defeated 24 separate remittance tax bills. Key legislative victories included blocking a True Lender bill in Virginia and a DIDMCA opt-out bill in Rhode Island, both of which the AFC argued would have restricted consumer access to credit.

A major focus of the report is the AFC’s increased reliance on the judiciary to shape policy. The council led seven amicus briefs challenging new interpretations of the Truth in Lending Act, specifically fighting efforts to reclassify EWA products as traditional loans. Furthermore, the AFC is actively pursuing DIDMCA litigation in the Tenth Circuit while supporting similar legal actions in the Ninth Circuit to prevent states like Colorado from undermining federal interstate banking laws.

Beyond litigation, the AFC expanded its internal governance and strategic reach. The association welcomed 18 new members in the first six months of the year. It also bolstered its leadership by adding GreenSky and Pathward to its Board of Directors. The council’s influence was further extended through new strategic partnerships with the Canadian Lenders Association, the Israel Fintech Center, and global consultancy giants Oliver Wyman and PwC.

"The financial services landscape is changing rapidly, and policy needs to evolve with it. I am continuously humbled by the ecosystem we have built to drive pragmatic change for emerging and innovative financial services. In the first half of 2026, AFC has advanced clear frameworks to protect consumers and address market risks without standing in the way of responsible innovation. We’re proud of the progress we’ve made and remain focused on building a more consistent regulatory environment that expands access to safe and affordable financial products."

Phil Goldfeder, CEO of the American Fintech Council.

The companies involved

The American Fintech Council (AFC) serves as a primary advocacy body for the modern financial sector, representing a diverse membership that includes both digital-native fintechs and traditional banks that provide the underlying infrastructure for innovative financial products. By integrating firms like GreenSky, a major player in the home improvement financing space, and Pathward, a leading bank partner for prepaid and credit programs, the AFC has positioned itself at the center of the "banking-as-a-service" (BaaS) ecosystem.

The inclusion of PwC and Oliver Wyman as strategic partners adds significant weight to the AFC’s policy positions. PwC is one of the "Big Four" global accounting and professional services networks, while Oliver Wyman is a top-tier global management consulting firm known for its deep expertise in financial services and risk management. The addition of international bodies like the Canadian Lenders Association and the Israel Fintech Center suggests the AFC is increasingly looking to harmonize regulatory standards across borders, reflecting the global nature of modern financial technology.

What FF News has reported before

FF News has closely monitored the evolving role of the AFC’s strategic partners and the broader regulatory environment. Recently, we covered how Oliver Wyman warns $350bn at risk as private markets hit infrastructure wall, highlighting the firm's influence in identifying systemic financial risks. We have also tracked the increasing intersection of technology and banking, such as when HSBC Asset Management backs Model ML as financial institutions accelerate AI adoption, a trend the AFC is currently addressing through its advocacy for pragmatic AI governance frameworks in states like Connecticut and Colorado.

What this means

The AFC’s report confirms that the "Wild West" era of fintech regulation is over, replaced by a sophisticated, multi-front legal war. By successfully blocking remittance taxes and DIDMCA opt-outs, the AFC is proving that industry associations can effectively stall state-level fragmentation. However, the heavy reliance on amicus briefs and circuit court litigation suggests that federal regulators and the industry remain at a deadlock. Fintechs should watch the Tenth Circuit DIDMCA ruling closely; a loss there could trigger a domino effect of state-level restrictions that would dismantle the current national lending model. The pressure is now on regulators to provide the "clarity" the AFC claims to seek before the courts decide for them.