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The financial services landscape in the coming year will be defined by two pivotal trends, according to Phil Goldfeder, CEO of the American Fintech Council. These include escalating competition driven by a surge in new bank charters, as many fintech companies opt to become banks themselves. Simultaneously, the industry will witness a significant expansion in partnerships between traditional banks and innovative fintech firms, collaborating to connect with consumers in novel and engaging ways.
Goldfeder’s unique perspective stems from his leadership at an organization representing both banks and fintech companies, complemented by his prior role at Cross River, a bank renowned for its banking-as-a-service model and successful bank-fintech collaborations.
For 2026, Goldfeder foresees substantial growth opportunities for both sectors. He envisions banks solidifying their role in regulatory compliance and consumer protection, while fintechs concentrate on developing cutting-edge products that grant consumers unprecedented access to financial services.
A crucial element for this future, Goldfeder emphasizes, is a shift in mindset: “We have to stop thinking in terms of traditional players versus the future ones, and instead find ways to bridge those gaps.”
Fintech Charters on the Rise: A Level Playing Field
The move by federal regulators to offer national bank charters to fintechs is expected to unlock new opportunities while ensuring fair competition. Goldfeder supports this approach, contrasting it with the Obama-era proposal for a specialized fintech charter.
“Those who want to get a charter and want to go through the regulatory process to become banks — or banks who want to build out their own technology platform — should both be able to do that,” Goldfeder states. However, he insists there should be no “shortcuts” or “easy paths” based on an entity’s nature. “If you want to engage in banking activities, then become a bank. The idea of creating pathways and workarounds is not always the right answer.”
This strategy aims to foster healthy competition and innovation. Goldfeder highlights that there’s ample room for many successful entities within the ecosystem. He notes that while the number of community banks has dwindled from nearly 40,000, fintech and innovation services have effectively filled that void.
Banks should anticipate a continued increase in fintechs seeking and obtaining charters. Goldfeder believes the demand for new charters has not yet peaked, as many players recognize a limited window of opportunity before a potential change in administration could alter the landscape. As more entities navigate this process, others will learn from their experiences, emboldening them to pursue charters themselves.
Navigating Consumer Protection: State vs. Federal Roles
In the past year, significant shifts occurred in federal consumer protection regulation, notably the scaling back of the Consumer Financial Protection Bureau’s (CFPB) influence. This change has spurred a movement for states to assume a more prominent role in consumer protection.
A late-2025 development saw the Progressive State Leaders Committee, part of the Democratic Attorneys General Association, announce former CFPB head Rohit Chopra as a senior advisor for its consumer protection and affordability working group. Chopra, in an interview with Bloomberg, suggested that states might need to become “chief regulators of much of the economy” given the lack of federal action on affordability issues.
Goldfeder expresses concern over the possibility of banks and fintechs facing a “patchwork of state regulatory structures.” He advocates for clearer federal guidelines: “It becomes challenging to comply when you have a patchwork of state regulation. We would prefer to see federal action so we have single rules.” In the absence of federal clarity, his organization would prioritize working with coalitions, or state-by-state with banking regulators.
Open Banking: New Rules on the Horizon
Regarding open banking, Goldfeder expects the CFPB to publish a proposed rule by late January or early February. While the specifics remain unknown, the American Fintech Council supports a rule that guarantees consumers free access to their data.
Currently, the industry faces considerable uncertainty, with many companies relying on a previously withdrawn CFPB rule as an unofficial guide. A definitive new rule is eagerly awaited to provide much-needed clarity.
Federal Regulatory Harmony: A “Breath of Fresh Air”
Traditionally, banking lobbyists often leveraged disagreements among federal banking agencies and officials. However, recent Trump appointments to the FDIC, the Comptroller’s Office, and the Federal Reserve have demonstrated a notable consensus on banking policy goals and principles.
Goldfeder describes this shift as “a breath of fresh air,” noting that these appointees bring extensive experience in financial services regulation. More importantly, he highlights their strong working relationships: “But even more important than that is that they all know each other, get along with each other, and work very well together.” This collaboration is evident in the increased issuance of joint information by the agencies, fostering greater clarity and reducing exploitable regulatory discord.
AI Regulation: Education Before Legislation
Despite existing tensions between federal and state governments concerning AI regulation, Goldfeder believes significant regulatory action for financial services AI is unlikely to materialize in 2026.
Instead, he anticipates a focus on education and understanding. “You’re going to see a lot more education. You’re going to see more people looking to better understand AI’s uses, and its implications, before we see regulations.”
Source: TheFinancialBrand.com