“The American Fintech Council (AFC) applauds the House Financial Services Committee’s bipartisan measures acknowledging the growing use of artificial intelligence (AI) in financial services and directing federal financial regulators to study its implications. This is a critical step toward fostering innovation, enhancing consumer protections, and improving the resilience of the financial services industry.

“As highlighted in our recent comment letter to the Department of the Treasury, AFC strongly supports the creation of a unified and cohesive regulatory framework for AI in financial services. Determining clear rules of the road can unlock AI’s staggering potential to create a more inclusive financial system without compromising on safety and protection.

“AFC has long advocated for a focus on evaluating risks and opportunities associated with the deployment of AI in credit underwriting, fraud prevention, customer service, and financial inclusion. It is essential for the financial services regulators to collaborate and comprehensively review current regulations, and provide clarity on how they apply to AI applications in a manner that ensures safe utilization and encourages innovation.

“AFC looks forward to engaging with policymakers to ensure a federal approach reflects the perspectives of fintech companies driving responsible AI development. Together, we can build a more resilient and inclusive financial services industry in which consumer protection is paramount.”

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