The House Financial Services Committee under the leadership of Congresswoman Maxine Waters, Chairwoman of the Committee, has announced the creation of a Task Force on Financial Technology or Fintech and a Task Force on Artificial Intelligence (AI).
These two specific topics have emerged in importance of the past several years as both Fintech and AI stand to provide far superior financial services to a broader audience while presenting new regulatory challenges. Waters said that as new technologies emerge, Congress must make certain responsible innovation is encouraged, and that regulators and the law are adapting to the changing landscape to best protect consumers, investors and small businesses.
“The new task forces on financial technology [Fintech] and artificial intelligence, under the leadership of Congressman Lynch and Congressman Foster, respectively, will help Congress to stay on top of new developments in these areas so that we are well-positioned to make policy.”
Congressman Stephen Lynch will Chair the Fintech Task Force and Congressman Bill Foster will Chair the Task Force on AI.
Lynch said he was honored to be named the Fintech Chair.
“We are witnessing an exciting evolution in the financial services space, which will vastly improve the use and quality of services in lending, payments and money management. The lives of consumers are changing with user-friendly financial service apps but these emerging technologies come with vulnerabilities and the need to reevaluate our consumer protection standards,” commented Lynch. “As we explore the future of financial services, this bipartisan task force will give us the opportunity to educate Congress on the opportunities and challenges posed by these technologies and what we can do to produce the best outcomes for consumers.”
Foster said the developments in AI are at the forefront of innovation that is changing the way Americans operate in the marketplace, how we think about identity security, and how we do business with financial institutions.
“It is affecting everything from how we access our money to how we apply for mortgages and make financial investments. AI has the potential to help break down barriers and make it easier for entrepreneurs, aspiring homeowners, and consumers to interact with banks and utilize financial services, but it is crucial that the application of AI to financial services contributes to an economy that is fair for all Americans. I’m looking forward to working with my colleagues to better understand how we can utilize AI to maintain the competitiveness of our nation’s financial services sector and how it translates into building a financial system that works for everyone.”
Democratic Members of the Task Force on Fintech will include:
Congressman Stephen Lynch (D-MA), Chair
Congressman David Scott (D-GA)
Congressman Josh Gottheimer (D-NJ)
Congressman Al Lawson (D-FL)
Congresswoman Cindy Axne (D-IA)
Congressman Ben McAdams (D-UT)
Congresswoman Jennifer Wexton (D-VA)
Democratic Members of the Task Force on Artificial Intelligence will include:
Congressman Bill Foster (D-IL), Chair
Congressman Emanuel Cleaver (D-MO)
Congresswoman Katie Porter (D-CA)
Congressman Sean Casten (D-IL)
Congresswoman Alma Adams (D-NC)
Congresswoman Sylvia Garcia (D-TX)
Congressman Dean Phillips (D-MN)
The Committee said the Task Force on Fintech will examine issues including:
- Regulating Fintech: Domestic and International Perspectives
- Fintech Lending and New Inputs: Utilizing Alternative Data for Loan Underwriting and Modifications
- Fintech and Consumers: Assessing the Infrastructure and Legal and Regulatory Framework for Efficient Payments
- Fintech and Big Data: Reviewing Challenges to Data Privacy
The Task Force on Artificial Intelligence will examine issues including:
- Applications of machine learning in financial services and regulation
- Algorithms and Big Data: emerging risk management perspectives
- AI, Digital Identification Technologies and Combatting Fraud
- Automation and its impact on jobs in financial services and the overall economy