House working group to study AI in financial services

House Financial Services Committee Chairman Rep. Patrick McHenry (R-N.C.) and Ranking Member Rep. Maxine Waters (D-Calif.) today announced the formation of a bipartisan working group to explore how artificial intelligence is affecting the financial services and housing industries. The working group will be led by Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill (R-Ark.) and Ranking Member Stephen Lynch (D-Mass.).

The new group will examine the use of AI in the development of new products and services, fraud prevention, compliance efficiency, and the enhancement of supervisory and regulatory tools, as well as how AI may affect the financial services workforce, according to a committee statement. It will also examine how existing regulation addresses the use of AI and how lawmakers can ensure that new regulations consider both the potential benefits and risks associated with the technology.