Expressing the sense of the House of Representatives with respect to the use of artificial intelligence in the financial services and housing industries.

Legislation Details

Recognizes the potential benefits and risks of generative artificial intelligence (AI) in financial services and housing industries.
Notes the significant adoption of AI by market participants in these sectors for various applications.
Highlights the use of AI to enhance research, market surveillance, trading, underwriting, mortgage servicing, and tenant screening.
Mentions AI’s role in improving customer service, expanding loan applicant pools, increasing repayment rates, and reducing fraud.
Acknowledges AI’s contribution to compliance with regulations and enhancing cybersecurity.
Points out that AI can improve employee productivity and consumer experiences.
Warns that increased AI usage may pose financial stability risks and create vulnerabilities for exploitation.
Raises concerns about potential biases and discrimination in AI-driven decision-making and the complexity of AI models.
Notes that smaller community financial institutions may struggle to develop and implement AI compared to larger institutions.
Emphasizes the need for oversight and regulation of AI adoption in financial services and housing.
Calls for the Committee on Financial Services to ensure enforcement of existing laws and assess regulatory gaps.
Suggests the Committee should focus on data privacy reforms and understand AI’s workforce impact.
Advocates for U.S. leadership in AI development and usage on a global scale.