American Fintech Council

The American Fintech Council, which represents about a dozen #EWA providers, may sue over the proposal and is continuing a campaign in states across the country to back legislation that is more friendly to the EWA industry, the trade group’s CEO, Phil Goldfeder, said in an interview with Lynne Marek of Payments Dive. “Earned wage access is not a loan, and it shouldn’t be regulated as such,” Goldfeder said in an interview last week. “We’re obviously deeply disappointed with not just the CFPB’s position, but their dramatic 180 from the guidance they released in 2020, which most responsible companies built their programs on.”

AFC is officially in #Iowa! Welcome Lincoln Savings Bank to the #AFC family as our newest member! “Lincoln Savings Bank has always been committed to advancing the financial well-being of its customers through innovative and forward-thinking strategies,” said Sean Willett, CEO of Lincoln Savings Bank. “By joining AFC, we look forward to deepening our collaboration with other forward-thinking organizations and fintechs to ensure all responsible players are able to expand digital offerings and deliver cutting-edge financial products that drive value for all customers and communities.” 📰 https://lnkd.in/eAZNhkRD #Responsible #Innovation #EmbeddedFinance

For 15 years, Cross River has hosted a charity golf outing that has raised millions of dollars for a very worthy organization, Madraigos that provides innovative services & programs geared towards empowering teens, young adults, and families. Phil Goldfeder spent the day with Gilles Gade, CEO of #CrossRiver as well as so many great friends including Arlen Gelbard, GC, Benjamin Melnicki, CCO and Daniel Listhaus, COS and so many other #AFC partners who came to support a great cause!

And then there were 3… for this week that is! Welcome Republic Bank Of Chicago as our newest addition to the #AFC family! Republic Bank of Chicago is the payments and fintech partner for some of the country's largest and most successful companies, including Fortune 500 enterprises, national retailers, and nationwide auto insurers. “We are thrilled to join AFC as part of our commitment to driving innovation for our community, “said Republic Bank of Chicago CEO Tom Bugielski “Republic Bank is dedicated to enhancing our fintech offerings and providing customers access to the latest solutions across payments, prepaid cards, lending, and transactional services. This partnership gives us a seat at the table among other national leaders in technology and innovation.” 📰 https://lnkd.in/gQ9KKtrC

AFC Learning is back! Join the experts from Forvis Mazars US including Mark Burnside, CRCM and Mark Dever moderated by our Senior Advisor💡Colin Darke of complisun as they review RFI guidance from regulators, summarize key ACH changes, explore their implications, and share ways to adapt to these new rules! 🗓️August 29th at 11am ET Register Today At: https://lnkd.in/eTu5JZf7 ACH Originators must stay current with the latest Rules, including how updates and changes might impact business practices and operations. These changes are part of a larger Risk Management package intended to reduce the incidence of successful fraud attempts and improve the recovery of funds after frauds have occurred. With six changes coming, it’s important to know how they apply to the work you do. Register Today At: https://lnkd.in/eTu5JZf7

If you have ever heard Phil Goldfeder lead a panel discusssion, we do not have to tell you it will be entertaining. Combine that with the expertise of John Bearden of Thread Bank and Jesse Honigberg at Customers Bank and this is a panel at the Unit #UniteSummit you do not want to miss!! https://lnkd.in/ghT8SAZe

Our membership family is growing again: Welcome TransPecos Banks, SSB to #AFC “Joining AFC reinforces our commitment to the communities we serve, ensuring we remain at the forefront of financial innovation and continue to offer our customers the innovative products and services they require,” said Mike Kozub, CEO of TransPecos Banks. 📰 https://lnkd.in/evsaqKnZ #Responsible #Bank #Innovation #Access #Equity #FinancialServices #BaaS #EmbeddedFinance Dub Sutherland

Welcome to our great friends at New Horizon Bank as the newest member of #AFC! “At New Horizon Bank, we believe in combining the strength of traditional banking with the innovation of fintech to meet the evolving needs of people and businesses in our community and beyond,” said Will Groves, President of New Horizon Bank. “This partnership allows us to collaborate with AFC to help shape the future of our financial system and ensure we can continue to serve customers with the latest fintech solutions.” We could not have said it better! Welcome to the family! 📰 https://lnkd.in/eSGSZ4a7

Today's update from Director Rohit Chopra at the Consumer Financial Protection Bureau on #BuyNowPayLater #BNPL which included forthcoming FAQ on so much more, was welcome news for #responsible providers, "Many Buy Now, Pay Later lenders are working diligently and in good faith to come into compliance," the Director noted. Great coverage by Evan Weinberger in Bloomberg Law! Fintechs appreciate the CFPB’s “pragmatic approach” to regulating responsible buy now, pay later companies, Phil Goldfeder, the CEO of the American Fintech Council, which includes Affirm and other buy now, pay later among its members. “Today’s announcement that we can expect additional guidelines through a forthcoming FAQ document, and that responsible companies will be able to reasonably transition in good faith to comply with the Bureau’s Interpretive Rule, is another welcome step in the process to ensure consumers can access this important product without losing much-needed protections,” he said.

Thank you Jason Henrichs and Breaking Banks Fintech Podcast for having our CEO, Phil Goldfeder on the show to discuss regulatory challenges as an opportunity to strengthen a bank's operations and culture. We joined Gilles Gade, Founder & CEO, Cross River, Clayton Mitchell, Managing Principal at Crowe, and Mandi Simpson Partner, Lead Accounting Advisory team at Crowe 🎧🎧https://lnkd.in/eyyRrY57