The AI Act of 2024 requires five major financial regulatory agencies to study how artificial intelligence is being used in the financial system and report their findings within 180 days of the bill's enactment. The Federal Reserve, FDIC, Comptroller of the Currency, Consumer Financial Protection Bureau, and National Credit Union Administration must examine AI's benefits and risks across banking, including its use in loan underwriting, fraud detection, customer service, and fair lending compliance, as well as how smaller and community banks can leverage AI technology. The Securities and Exchange Commission, housing and mortgage regulators, and the Treasury Department must conduct similar AI studies focused on their respective sectors, including securities markets, mortgage lending, and national security threats to the financial system. Each report must include regulatory proposals and legislative recommendations to support responsible AI adoption, and agencies must solicit public input before publishing their findings. No specific funding is authorized by the bill, and all reports must be made public and submitted to Congress's financial services committees.
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