S.4870, A bill to require reports on artificial intelligence regulation in the financial services industry.

Summary

Require the Federal Reserve, FDIC, OCC, NCUA, CFPB, the Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representatives to report on AI knowledge gaps in financial services within 90 days.

Mandate which tasks are being assisted or completed with AI in the Institutions that agencies regulate.

Assess current AI governance and oversight standards for AI oversight by the agency.

Identify additional regulatory authorities required by the agency to execute the mission agency.

Clarify overlapping AI regulatory issues between agencies.

Evaluate current and planned agency use of AI over the next three years, including fiscal and staffing impacts.

Determine necessary resources and monetary to require the agency to adapt to AI changes and oversee its use in the regulatory landscape to oversee how AI is adopted across operations.

Ensure reports exclude confidential or nonpublic information.

Mandates federal agencies submit AI regulatory reports to Congress within 90 days, analyzing specified aspects.

SECTION 1. REPORT ON ARTIFICIAL INTELLIGENCE REGULATION IN FINANCIAL SERVICES INDUSTRY. (a) In General.—Not later than 90 days after the date of enactment of this Act, each of the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Bureau of Consumer Financial Protection shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the gap in knowledge of the agency relating to artificial intelligence, including an analysis on— (1) which tasks are most frequently being assisted or completed with artificial intelligence in the institutions the agency regulates; (2) current governance standards in place for artificial intelligence use at the agency and current standards in place for artificial intelligence oversight by the agency; (3) potentially additional regulatory authorities required by the agency to continue to successfully execute the mission of the agency; (4) where artificial intelligence may lead to overlapping regulatory issues between agencies that require clarification; (5) how the agency is currently using artificial intelligence, how the agency plans to use such artificial intelligence the next 3 years, and the expected impact, including fiscal and staffing, of those plans; and (6) what resources, monetary or other resources, if any, the agency requires to both adapt to the changes that artificial intelligence will bring to the regulatory landscape and to adequately adopt and oversee the use of artificial intelligence across the operations described in paragraph (5). (b) Rule Of Construction.—Nothing in this section may be construed to require an agency to include confidential supervisory information or predecisional or deliberative nonpublic information in a report under this section.