Priya PatelTLDR:
- The American Fintech Council (AFC) is opposing legislation that could harm community banks and limit financial options for rural families.
- AFC testified before the Rhode Island Senate and D.C. Council to prevent these harmful laws from being passed.
Recently in the US, there has been talk of harmful legislation that could limit the power of community banks. The American Fintech Council (AFC) has stepped in to oppose this potential legislation, fearing that it could remove financial options for rural families and further damage local economies. AFC CEO, Phil Goldfeder, appeared before the Rhode Island Senate Committee on Commerce and Policy, while Ian P. Moloney, senior vice president at AFC, testified in front of the D.C. Council Business and Economic Development Committee to urge legislators to oppose the bills. They argue that these laws would put state-chartered community banks at a disadvantage and harm consumers who need access to safe and affordable financial services.
AFC has publicly supported 36 per cent rate caps at state and federal levels, in an effort to promote responsible lending and lower the cost of financial transactions. Members of AFC are working to provide high-quality, affordable financial products to underserved consumer segments and geographies. The council is advocating for a nuanced approach to regulation, rather than blunt legislative solutions that could end up harming consumers and limiting their access to credit.
