American Fintech Council Welcomes New Members to Collaborate on Responsible Banking Innovation
In an effort to establish clear industry standards for Banking as a Service (BaaS), the American Fintech Council announced the addition of several financial institutions to its roster this week. Coastal Community Bank, Customers Bank, Thread Bank, Portage Bank, Evolve Bank and Trust, Five Star Bank, Lineage Bank and The Atlantic Federal Credit Union are among the new members joining the council.
The American Fintech Council, a premier industry association representing responsible fintech companies and BaaS banks, aims to strike a balance between responsible innovation and consumer protection. According to the council’s CEO, Phil Goldfeder, the industry is currently experiencing a significant mismatch between the rapid innovation in consumer access to financial services and the regulatory mechanisms in place to ensure fairness and transparency in banking.
The addition of these new members is expected to strengthen the council’s voice and advocacy efforts for updated policies and regulations that modernize community banking. By collaborating with other like-minded banks and companies, these innovative institutions can work together to shape the future of banking.
Coastal Community Bank, a Banking as a Service community bank, sees its membership in the American Fintech Council as an opportunity to uphold their commitment to providing high-quality service to customers and contribute to the future of fintech and finance. According to Eric Sprink, CEO of Coastal Community Bank, the council sets clear industry standards for responsible BaaS banks to follow.
Customers Bank, which focuses on blending traditional banking with emerging technology, is proud to join the council in their mission to meet the challenges of changing ecosystems and evolving public policy. Jesse Honigberg, EVP for products and platforms at Customers Bank, emphasizes the importance of working alongside legislative and regulatory partners to drive growth through innovative business models.
Five Star Bank is dedicated to embracing responsible financial innovation and views its membership in the American Fintech Council as an opportunity to collaborate with forward-thinking community banks and fintech companies. Sean Willett, EVP and CAO of Five Star Bank, believes that working together will enable the development of responsible banking solutions and standards for the digital age.
The Atlantic Federal Credit Union, a community chartered and low-income designated credit union, supports the council’s efforts to promote responsible and customer-centric innovation. Anthony A. Mero, CEO of The Atlantic Federal Credit Union, recognizes the mutual benefits that partnerships with fintech organizations can bring to financial institutions of all sizes and consumers at all stages of their financial journeys.
Thread Bank, which focuses on serving Main Street small businesses and consumers, aims to collaborate with colleagues to establish a clear regulatory standard for the future of finance. Chris Black, CEO and president of Thread Bank, sees the American Fintech Council as a platform for responsible fintech companies and BaaS banks to provide safe access to financial services.
The American Fintech Council’s growth in membership reflects the industry’s recognition of the importance of collaboration and responsible innovation. By working together, these institutions hope to shape the future of banking in the digital age, while ensuring consumer protection and a fair and transparent banking system for all.
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