American Fintech Council (AFC) Testifies Before New York State Senate Banking and Colorado Senate Business, Labor and Technology Committees

The American Fintech Council (AFC), the premier industry association representing responsible Fintech companies creating critical access to safe and affordable financial services, was pleased to offer testimony on the importance of safe innovation and regulatory modernization in both New York and Colorado last week.

Phil Goldfeder, American Fintech Council CEO and former member of the New York State Assembly, returned to Albany to testify before the New York State Senate Committee on Banking. Gerron Levi, AFC Senior Vice President, Head of Government Affairs and former Maryland State Delegate, was in Denver appearing before the Colorado State Senate Business, Labor, and Technology Committee.

“AFC members represent a cross section of responsible Fintech companies that embrace transparency and are rooted in regulatory compliance and consumer protection,” said Goldfeder in his remarks. “Our members are committed to further working with state policy makers and regulators to advocate for reasonable regulation that balances consumer access to financial services with strong and appropriate consumer protections.”

As former elected officials and members of their respective state legislatures, Goldfeder and Levi bring a unique perspective as they represent Fintech companies and AFC members in state legislatures across the country and in Washington, D.C. In addition to New York and Colorado, Levi also represented AFC members in Carson City, Nevada to testify on behalf of members focusing specifically on responsible Earned Wage Access.

“Bank-fintech partnerships keep community banks and smaller financial institutions vibrant, competitive, and independent,” said Levi in her prepared statement. “Federal researchers and others have found responsible partnerships lowered the cost of financial services in underserved communities and Fintechs enabled bank lending in banking deserts, low-income communities, and to the “invisible prime” consumers whom other lenders might overlook or overprice.”

AFC is committed to supporting its members who believe in regulatory standards that balance access to financial services, innovation, and regulatory compliance. Their advocacy is paving the way for the future of financial services.

New York State Senate testimony can be viewed Here.