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| Credit Union-Backed Fraud, AI Bills clear House Committee |
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The House Financial Services Committee advanced four credit union-supported bills related to fighting fraud and AI innovation Wednesday. America’s Credit Unions wrote in support of the bills prior to the markup.
The bills are:
• Artificial Intelligence Practices, Logistics, Actions, and Necessities (AI PLAN) Act (H.R. 2152), which would require government agencies to develop a strategy to defend against the economic and national security risks posed by artificial intelligence used to commit financial crimes. It passed 52-0;
• Guarding Unprotected Aging Retirees from Deception (GUARD) Act (H.R. 2978), which will allow state and local law enforcement to utilize funding from existing federal law grants to combat financial fraud. It passed 52-0;
• Unleashing AI Innovation in Financial Services Act (H.R. 4801), which would direct regulatory agencies, including the NCUA, to establish AI Innovation Labs to allow regulated entities to experiment with AI test projects without burdensome regulation or expectation of enforcement actions. It passed 33-19;
• Bank Fraud Technology Advancement Act (H.R. 8671), which would require financial regulators and law enforcement to study and report to Congress on how technology can be better used to combat scams and fraud with a focus on challenges faced by smaller financial institutions. It passed 52-1.
America’s Credit Unions will remain engaged with House members to bring these bills to the floor.
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