The American Fintech Council (AFC) has expressed support for the recent bipartisan measures by the House Financial Services Committee. These measures recognize the increasing use of artificial intelligence (AI) in financial services and urge federal financial regulators to examine its implications.
According to AFC CEO Phil Goldfeder, "This is a critical step toward fostering innovation, enhancing consumer protections, and improving the resilience of the financial services industry."
In a recent comment letter to the Department of the Treasury, AFC emphasized its backing for a unified regulatory framework for AI in financial services. The organization believes that clear regulations can harness AI's potential to create an inclusive financial system while maintaining safety and protection.
Goldfeder stated, "Determining clear rules of the road can unlock AI’s staggering potential to create a more inclusive financial system without compromising on safety and protection."
AFC has consistently advocated for assessing both risks and opportunities associated with AI deployment in areas such as credit underwriting, fraud prevention, customer service, and financial inclusion. It stresses the importance of collaboration among financial services regulators to review current regulations and clarify their application to AI technologies.
"AFC looks forward to engaging with policymakers to ensure a federal approach reflects the perspectives of fintech companies driving responsible AI development," said Goldfeder. "Together, we can build a more resilient and inclusive financial services industry in which consumer protection is paramount."