In a move to assess the influence of artificial intelligence (AI) on the financial services and housing industries, the House Financial Services Committee has announced the creation of a bipartisan working group. The working group will build upon the progress made by the committee’s task force on AI and will play a crucial role in reviewing and implementing directives from President Biden’s executive order on AI.
Led by Representative French Hill, a Republican from Arkansas and vice chair of the House Financial Services Committee, the 12-person committee will investigate the ways in which AI is affecting the development of new products and services, fraud prevention, compliance efficiency, and regulatory tools. Furthermore, the committee will analyze existing regulations in relation to the use of AI and propose new laws that address the potential benefits and risks associated with the technology.
The financial services industry has been rapidly adopting AI, with companies like Fifth Third, Mastercard, Ally Bank, and Synchrony using AI-powered tools. However, policymakers have expressed concerns regarding potential misuse of AI. The executive order requires developers of qualifying AI models to provide the government with records of training sessions and cybersecurity test results for systems that pose a serious risk to security, national economic security, or public health and safety.
Trade organizations representing tech firms specializing in AI development have shown openness to collaborating with the working group to provide insights to regulators. Phil Goldfeder, CEO of the American Fintech Council, emphasized the importance of bipartisan engagement in establishing realistic policies that benefit American consumers.
While industry advocates are supportive of the working group’s creation, they also urge regulators to provide transparency in their own use of AI tools. Banking and credit union trade groups argue that regulators should be subject to the same level of scrutiny as their members.
The House Financial Services Committee’s new AI working group has garnered positive responses from industry leaders who are eager to explore the future of AI-driven innovation while ensuring consumer protection.
The source of the article is from the blog crasel.tk