This bill requires five federal financial regulators to submit reports to Congress within 90 days explaining how artificial intelligence is being used in the banking industry and what they know about AI's impact on financial services. The agencies that must report are the Federal Reserve, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Consumer Financial Protection Bureau. Each report must address which AI tasks are most common at banks, current governance standards for AI use, potential gaps in regulatory authority, overlapping regulatory issues between agencies, how the agencies themselves plan to use AI over the next three years, and what resources they need to effectively oversee AI in the financial sector. The legislation does not provide specific funding amounts but requires these agencies to assess their resource needs in their reports. The bill protects confidential supervisory information and other sensitive government documents from being disclosed in the reports.
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