American FinTech Council Now Has More Than 75 Members
Last month, the Marketplace Lending Association and the Online Lending Policy Institute announced that they would be merging to form the American FinTech Council (AFC). In doing so, one of the stated goals of the group was to assemble an even larger coalition of banks and financial services companies. It seems as though that is indeed what’s happening, with the AFC now reporting that it counts more than 75 members among its ranks.
In recent weeks, companies including Green Dot, Digit, One Finance, Blue Ridge Bank, RocketLoans, Earnest, and several others have formally joined the American FinTech Council. Additionally, the group has announced two new membership groups: the Regulatory Technology Committee and the Legal Advisory Committee.
According to a press release, the former will “support the organization by demonstrating how technology can assist with financial services innovation that benefits consumers and businesses” while the latter will “serve to advance legal and regulatory initiatives, assist with critical policy issues and work to promote business development and growth in FinTech.” The Regulatory Technology Committee currently includes such members as Sila and Hummingbird RegTech. Nutter McClennen & Fish LLP, Buckley LLP, and several others are among the inaugural Legal Advisory Committee members.
With the addition of the new members and committees, the AFC will continue to advance both its policies and principles. On that note, each joining member will need to adhere to the council’s Core Principles: Innovative, Responsible, Inclusive, and Constructive. These principles also play a role in the specific policies the AFC has chosen to endorse. For example, the American FinTech Council recently voiced their support for the Economic Equity Pillar of the Illinois Legislative Black Caucus’ Reform Agenda, which includes a 36% APR cap.
Announcing the latest updates, Garry Reeder — who was appointed CEO of the AFC last month — stated, “We are thrilled to welcome these new members and leadership groups to the AFC team and look forward to working with them to promote policies that create an open and efficient marketplace that benefits everyone.” Reeder continued, “Our members are constantly working to better serve consumers and communities around the country. Expanding access to quality financial products and services is essential to forwarding our commitment to diversity, equity, and inclusion. We are excited to have these two groups help lead that effort.”
Although it’s only been a few weeks since the American FinTech Council was officially formed, its increasing list of members suggest that the merger had its intended effect. Furthermore, the creation of the Regulatory Technology Committee and the Legal Advisory Committee shows that the group is approaching the advancement of FinTech from multiple angles. With some major players now on board and the list of members only continuing to grow, the AFC will surely play a important role in future regulatory lobbying and exploration.