AACUC Nominated to Serve On the Community Advisory Board at the American Fintech Council

SNELLVILLE, GA – Renée Sattiewhite, President & CEO of the African-American Credit Union Coalition (AACUC), announced today the organizations’ nonprofit affiliate membership in the American Fintech Council (AFC), and the nomination to serve on its Community Advisory Board.

“We are pleased to advance the mission of diversity and inclusion in the financial services sector along with AFC and its Community Advisory Board. Financial inclusion that improves accessibility for the unbanked and underbanked is truly the greatest priority that we must address in order to close the racial wealth gap in America,” said Sattiewhite.

“We share AACUC’s dedication to building a financial services industry that is more inclusive and diverse. We are eager to work closely with AACUC and our Community Advisory Board to push forward policies that improve the financial well-being of all Americans, with a particular focus on communities of color and other underserved and vulnerable populations,” said AFC CEO Garry Reeder.

The American Fintech Council is truly committed to providing consumers with access to fair and transparent products and services. AFC member companies operate under the following guidelines:

  • Members advance the highest standards of fair lending and non-discrimination

  • Credit products cannot be disguised or mischaracterized in order to avoid lending laws and regulations

  • Consumer offerings must adhere to the maximum interest rate charges outlined in the Military Lending Act

  • Small business lending products must adhere to the guidelines of the Small Business Borrower’s Bill of Rights

ABOUT AFC: The mission of the American Fintech Council (AFC) is to promote the expansion of financial services technologies for the benefit of consumers and commerce, including improving access to credit and providing other developing digital products and services. Independent evaluators find that AFC members are both lowering the cost of financial services and improving access to financial services. Approximately 25% of AFC member loans were concentrated in the 10% of communities with the fewest bank branches per capita, which are disproportionately low-income. Borrowers from an AFC member company increased their credit scores, did not dramatically increase household debt, were more likely to buy a home, and less likely to become delinquent on their mortgage loans, according to Federal Reserve Board researchers.