How a $7B Bank Out-Loaned Chase, and What Fintech Policy Needs Now, with AFC’s Phil Goldfeder

Phil Goldfeder runs the American Fintech Council, the trade group representing nearly 170 fintech and banking companies. Before that he advised Chuck Schumer and Michael Bloomberg, served in elected office, and helped steer Cross River through the Paycheck Protection Program, where a bank with six or seven billion dollars in assets made as many loans as Chase and Bank of America.In this episode, Reggie Young talks with Phil about how policy actually gets made and changed. They cover the lessons he took from Bloomberg and Schumer, what it was like inside Cross River during PPP, how a trade group turns 170 members with different interests into workable positions, why relationships with regulators get built in rooms rather than in filings, and the window he sees for durable policy work over the months ahead.Fintech Layer Cake is powered by Lithic, financial infrastructure that helps teams build better card and payments products for consumers and businesses.Chapters: 00:00 – Cold open: know what you know 00:12 – Meet Phil Goldfeder: Schumer, Bloomberg, Cross River, AFC 01:16 – What Bloomberg taught him about getting things done 03:16 – What Schumer taught him about time and showing up 04:33 – Inside Cross River when PPP hit 05:46 – "We have a responsibility to serve": the CEO's call 08:30 – Out-loaning the giants: a $7B bank matching Chase 09:39 – How a fintech actually advocates for policy change 11:52 – AFC as the nucleus: connecting companies, states, and regulators 14:13 – Who counts as a policymaker 15:21 – The high schoolers who changed his vote 19:01 – Managing 170 members who don't agree 19:48 – Flipping the compromise: everyone walks away a winner 21:04 – The compliance officer and the FDIC in the same room 23:13 – Banks want integrity, fintechs want speed, both can win 25:03 – Why friendly administrations don't guarantee progress 26:41 – The six-to-eight-month window to build things that last 29:36 – Consent orders as a step toward stronger companies 30:40 – Where to find AFCNothing in this podcast should be construed as legal or financial advice.Subscribe for new episodes every other Wednesday. If you enjoy the show, leave a review on Apple Podcasts or Spotify to help more people in fintech find it.