AFC Trade Group Surpasses 100 Members

Two months ago, the Marketplace Lending Association and Online Lending Policy Institute merged, forming the American Fintech Council (AFC).

American Fintech Council has grown to 107 members. The trade group is a cross-section of payments, lending, legal, and data sectors of the fintech industry, set to lobby Washington lawmakers and set standards. The member list includes names like LendingClub, Varo, SoFi, Cross River, and Rocket Mortgage. The group also launched a Community Advisory Board, with Boston University and Cambridge departments of alternative finance working on “responsible practices in the industry.”

“The American Fintech Council is poised to play a critical role in the US regulatory landscape,” Colin Walsh, founder-CEO of Varo, said in a press release.

According to the website, the group’s core principles include:
1. Supporting the use of technology to develop financial services to enrich people’s lives.
2. Offering affordable, transparent, and responsible products.
3. Advancing financial inclusion and racial equity.
4. Embracing and supporting regulation that furthers and promotes responsible innovation.

Members must support a 36% APR cap on the cost of loans, adhere to the Small Business Borrower’s Bill of Rights, and offer “transparent products and fees.”

“We are thrilled to welcome these new members and leadership groups to the AFC team and look forward to working with them to promote policies that create an open and efficient marketplace that benefits everyone,” said Garry Reeder, CEO of the AFC. “Our members are constantly working to better serve consumers and communities around the country.”

Kevin Travers was a Reporter at deBanked.