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American Fintech Council Looks to Enhance Financial Support for Military and Veteran Families

The American Fintech Council (AFC), the leading industry association representing responsible fintech companies and innovative banks, is partnering with the Association of Military Banks of America (AMBA), to promote responsible innovation in financial services to best serve military and veteran families.

By working together, the two organisations hope to create more opportunities for members to collaborate and provide innovative financial literacy offerings, introduce safe and affordable fintech products, and promote programmes and products that create financial optionality and pathways out of debt for military families.

AMBA, a trade association representing banking institutions specialising in providing banking services for military personnel and their families, is a not-for-profit association. The association comprises banks operating on military installations of all five service branches (Army, Air Force, Space Force, Navy, and Marine Corps) and banks not located on military installations but serving military customers.

“It is fitting that on the threshold of Independence Day, a celebration of our Nation’s liberty and the men and women who have and will continue to defend it, AMBA and AFC announce a partnership that promises to enhance the financial lives of America’s service members, veterans, and their families,” said Steven Lepper, president and CEO of AMBA and retired US Air Force Major General. “Regardless of where they live or are deployed or stationed, our service members and veterans increasingly rely on financial technology to deal with their unique financial needs and challenges.”

The association’s membership includes both community banks and large multinational financial institutions, all of which are insured by the Federal Deposit Insurance Corporation.

Support through education

Both organisations will also work together to educate their collective membership through podcasts, and webinars.

“American heroes who are serving or have served in the military deserve every opportunity for economic prosperity and wellness and it is a tremendous honour to partner with AMBA to further enhance the financial institutions that are already reaching our bravest families,” said Phil Goldfeder, CEO at the American Fintech Council. “As a trade association built on the foundation of responsible innovation, AFC is uniquely positioned to support the work of AMBA and help our combined membership serve military families who have sacrificed themselves on behalf of American families.”

A standards-based organisation, AFC is the trade association representing the largest fintech companies and innovative BaaS banks. It aims to promote a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy.

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