ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
Home Compliance and Risk

Proposed bill seeks to establish federal regulation of AI

June 5, 2026
Reading Time: 1 min read
House lawmakers propose federal studies on AI in financial services, housing

Two lawmakers have released a draft bipartisan bill to establish a national regulatory framework for artificial intelligence, including increased penalties for AI-enabled fraud and temporary preemption of state laws regulating AI models.

The Great American AI Act by Reps. Jay Obernolte (R-Calif.) and Lori Trahan (D-Mass.) would create new requirements for AI developers to publish frontier AI frameworks outlining catastrophic-risk mitigation, security procedures and model deployment safeguards and to be audited by independent verification organizations that the Department of Commerce would oversee.

Among its provisions, the bill would double the fines for federal mail fraud, wire fraud, bank fraud and money laundering when AI is used. It would preempt state laws regulating AI models but preserve laws regulating AI use or deployment. The provision would sunset after three years. The bill also would renew the Cybersecurity Act of 2015, which provides liability, privacy and antitrust protections for the sharing of vulnerabilities and incidents.

In a joint statement, the two lawmakers said the discussion draft is meant to solicit feedback before it is formally introduced. The bill has support from at least four other lawmakers from both parties.

The draft bill comes only a few days after President Trump signed an executive order directing federal agencies to counter the potential cybersecurity threats posed by AI. Trump has also directed agencies to challenge state laws he said impede AI development.

Tags: Artificial intelligenceCongressFraudScams
ShareTweetPin

Related Posts

FDIC issues relief guidance for Hawaii following earthquake

FDIC issues relief guidance for Hawaii following earthquake

Compliance and Risk
November 10, 2026

The FDIC released guidance with steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Hawaii affected by an earthquake in May.

FCC rules that consent is required for AI-generated voices in outbound calls

State attorneys general express support FCC Robocall Mitigation Database proposal

Compliance and Risk
November 10, 2026

A coalition of 49 state attorneys general expressed support for the Federal Communications Commission’s Robocall Mitigation Database proposal while urging the agency to require better vetting of the information that telecommunications providers submit.

FASB accounting standard codification paid research tool to be free of charge

ABA suggests changes to mortgage servicing rights accounting standards update

Mortgage
November 10, 2026

A proposed accounting standards update on mortgage servicing rights needs several revisions to avoid unintended consequences, ABA said in a letter to the Financial Accounting Standards Board.

Poll: Small business owners optimistic about the future

NFIB: Small-business optimism ticked down in October

Economy
November 10, 2026

The NFIB Small Business Optimism Index declined 0.1 point to 97.8 in September, slightly below the 53-year average of 98, the National Federation of Independent Business said.

New York Fed: Household debt reaches nearly $18T

New York Fed: Total household debt reached $19.1T in Q3

Economy
November 10, 2026

Total household debt increased by $334 billion, or 1.8%, in the third quarter to $19.1 trillion, the Federal Reserve Bank of New York said in its Quarterly Report on Household Debt and Credit.

Trade groups urge California to delay passage of GHG emissions reporting bill

Court partially rolls back California climate reporting laws

Compliance and Risk
November 10, 2026

A federal appeals court has narrowed the scope of a pair of California laws that require companies, including financial institutions, to report greenhouse gas emissions and climate risks.

NEWSBYTES

FDIC issues relief guidance for Hawaii following earthquake

November 10, 2026

State attorneys general express support FCC Robocall Mitigation Database proposal

November 10, 2026

ABA suggests changes to mortgage servicing rights accounting standards update

November 10, 2026

SPONSORED CONTENT

Banking Technology at a Strategic Crossroads

Banking Technology at a Strategic Crossroads

October 29, 2026
The Shift from Demographic Marketing

The Shift from Demographic Marketing

October 1, 2026
Meeting Ag Lending Goals Without Going It Alone

Meeting Ag Lending Goals Without Going It Alone

October 1, 2026
Beyond the Portfolio: The Wealth Manager’s New Role in a Multigenerational World

Beyond the Portfolio: The Wealth Manager’s New Role in a Multigenerational World

September 17, 2026

PODCASTS

Podcast: Proactively managing the core provider relationship

October 22, 2026

Podcast: How community banks can keep farmers farming in turbulent times

October 14, 2026

Podcast: The birth of American money and how it triggered a revolution

October 8, 2026

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2026 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2026 American Bankers Association. All rights reserved.