AI Act of 2024
The source supplies the latest action, but no lifecycle stage.
Latest action (26 Nov 2024): Referred to the House Committee on Financial Services.
What this bill does
H.R. 10262, the "AI Act of 2024" (also called the Analysis and Improvement Act of 2024), would require several federal financial regulators to study the use of artificial intelligence in their sectors and report their findings to Congress. Within 180 days of enactment, banking regulators (the Federal Reserve, FDIC, OCC, CFPB, and NCUA), the Securities and Exchange Commission, housing and mortgage regulators (HUD, USDA's Rural Housing Service, FHFA, and CFPB), and the Treasury Department would each have to produce and publicly release reports examining how AI is or could be used in areas such as loan underwriting, fraud detection, mortgage servicing, market surveillance, cybersecurity, and compliance with fair lending and anti-money-laundering laws. Each report must also identify relevant gaps in existing law or guidance, agencies' own AI use and staffing challenges, and include regulatory or legislative recommendations. Agencies would be required to seek public input before finalizing their reports.
The bill primarily affects federal financial, housing, and securities regulators, who would bear new reporting and research obligations, and indirectly affects banks, credit unions, mortgage lenders, real estate firms, and fintech companies whose AI practices would be studied. Consumers and underserved communities are referenced as groups whose experiences with AI-driven financial and housing services would be examined.
The bill was introduced on November 26, 2024, by Rep. Maxine Waters (D-CA), with Rep. Patrick McHenry as a cosponsor, and referred to the House Committee on Financial Services. It did not receive a vote before the end of the 118th Congress, so it would need to be reintroduced in a future Congress to advance further.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
26 Nov 2024
Referred to the House Committee on Financial Services.
Common questions
- What does H.R. 10262 do?
- H.R. 10262, the "AI Act of 2024" (also called the Analysis and Improvement Act of 2024), would require several federal financial regulators to study the use of artificial intelligence in their sectors and report their findings to Congress. Within 180 days of enactment, banking regulators (the Federal Reserve, FDIC, OCC, CFPB, and NCUA), the Securities and Exchange Commission, housing and mortgage regulators (HUD, USDA's Rural Housing Service, FHFA, and CFPB), and the Treasury Department would each have to produce and publicly release reports examining how AI is or could be used in areas such as loan underwriting, fraud detection, mortgage servicing, market surveillance, cybersecurity, and compliance with fair lending and anti-money-laundering laws. Each report must also identify relevant gaps in existing law or guidance, agencies' own AI use and staffing challenges, and include regulatory or legislative recommendations. Agencies would be required to seek public input before finalizing their reports. The bill primarily affects federal financial, housing, and securities regulators, who would bear new reporting and research obligations, and indirectly affects banks, credit unions, mortgage lenders, real estate firms, and fintech companies whose AI practices would be studied. Consumers and underserved communities are referenced as groups whose experiences with AI-driven financial and housing services would be examined. The bill was introduced on November 26, 2024, by Rep. Maxine Waters (D-CA), with Rep. Patrick McHenry as a cosponsor, and referred to the House Committee on Financial Services. It did not receive a vote before the end of the 118th Congress, so it would need to be reintroduced in a future Congress to advance further.
- Has H.R. 10262 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 10262. Check the latest action and official source below.
- Who sponsored H.R. 10262?
- H.R. 10262 was sponsored by Rep. Waters, Maxine [D-CA-43] (D-CA), with 2 cosponsors.
- What's the latest action on H.R. 10262?
- Referred to the House Committee on Financial Services. (26 Nov 2024).
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