The U.S. House Committee on Financial Services created one Task Force on financial technology ("FinTech") and another on artificial intelligence ("AI"). According to Chair Maxine Waters (D-CA), these new Task Forces will help Congress keep up with emerging developments in each area.
The FinTech Task Force will examine: (i) domestic and international FinTech regulation; (ii) FinTech lending; (iii) the role of FinTech in consumer payments; and (iv) data privacy. The Chair will be Representative Stephen Lynch (D-MA).
The AI Task Force will review: (i) machine learning in financial services and regulation; (ii) emerging risks in "Big Data" (i.e., consumer data usage); (iii) AI, digital identification developments and fraud; and (iv) the impact of automation on jobs in financial services and the greater economy. The Chair of the AI Task Force will be Representative Bill Foster (D-IL).
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