American Fintech Council Backs NY Financial Literacy Fund Legislation

The American Fintech Council has endorsed Senator James Sanders Jr.’s bill to establish the NY Financial Literacy Fund, highlighting the importance of financial literacy in fostering an inclusive financial system while applauding the senator’s leadership in promoting responsible financial practices.

The AFC, representing responsible fintech companies and innovative banks in the US, says the resources will serve unbanked or underbanked consumers through a variety of educational and product opportunities.

“Responsible innovation democratizes financial services and creates important financial options for families long forgotten by traditional large institutions,” said Phil Goldfeder, CEO of the American Fintech Council.

“We thank Senator Sanders for his tireless leadership as Chairman of the Senate Committee on Banks and for his commitment to empowering communities with the tools and resources they need to create a pathway out of debt.”

AFC’s mission is to promote an innovative, transparent, inclusive, and customer-centric financial system by supporting the responsible growth of lending, fostering innovation in fintech as well as encouraging sound public policy.

“Financial literacy is a crucial aspect to creating a truly inclusive financial services industry that properly serves consumers,” wrote Ian P. Moloney, SVP, head of policy and regulatory affairs in the AFC letter of support to Senator Sanders. “Building a more inclusive financial services industry and improving the financial literacy of consumers is at the core of our members’ efforts to provide innovative financial products and services.

“AFC’s members work directly with their customers to understand their comprehensive financial footprint and offer services to improve their financial literacy and overall financial health.”