Navigating the Fintech Regulatory Landscape with Phil Goldfeder, CEO of the American Fintech Council

In this episode of the FinWise EYE ON: podcast, Sarah Grotta speaks with Phil Goldfeder, CEO of the American FinTech Council, about the evolving landscape of financial technology and regulation. They discuss the AFC's mission, the impact of recent political changes on the regulatory environment, and the future of crypto and stablecoin regulations.

 

Phil emphasizes the importance of proactive engagement with regulators and the need for a collaborative approach to create a stable financial services ecosystem. He discusses the evolving landscape of FinTech regulation, highlighting bipartisan efforts to create fairer financial services and emphasizes the importance of responsible innovation and the role of states in shaping regulations.

 

The conversation also touches on the future of the CFPB, legislative proposals regarding interest rates and credit card networks, and the significance of data privacy in the context of open banking. Goldfeder concludes by promoting the upcoming American FinTech Policy Summit, which aims to foster dialogue among industry leaders and regulators.

 

Takeaways

• The American FinTech Council has evolved significantly since its inception.
• AFC aims to educate and influence policymakers on financial regulations.
• Regulatory changes are often influenced by political shifts and elections.
• Proactive compliance and risk management are essential for financial services.
• The current administration is more open to collaboration with the fintech industry.
• Stablecoin and crypto regulations are on the horizon.
• The AFC represents a diverse range of fintech companies and innovative banks.
• Regulators should not dictate industry practices but work collaboratively with it.
• The importance of defining one's narrative in the financial services space.
• The Fair Exams Act aims to improve regulatory oversight and efficiency. Bipartisan efforts in FinTech regulation are gaining momentum.
• FinTech is crucial for serving millions of consumers today.
• Consumers are accessing financial services differently than before.
• State regulations may become more aggressive in response to federal deregulation.
• The CFPB is not going away but may be restructured.
• Interest rate caps on credit cards face significant opposition.
• The alternative network for credit cards may not gain traction.
• Data privacy rules are still evolving and may see changes.
• Open banking presents opportunities for consumer competition.
• The American FinTech Council conference will focus on thoughtful leadership in the industry.