Sec. 3103. Report

289 words·~1 min read·/bill/119/s/4378/pcs/section-3103

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The Secretary of the Treasury, in consultation with the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Bureau of Consumer Financial Protection, the Financial Crimes Enforcement Network of the Department of the Treasury, the National Credit Union Administration, and private-sector stakeholders, shall submit to Congress a report containing the contents described in subsection (c). Not later than 90 days after the date of enactment of this Act, the Secretary of the Treasury shall solicit public feedback on the report required under subsection (a).

In developing the report required under subsection (a), the Secretary of the Treasury shall seek out and consult with industry and expert stakeholders, including— depository institutions of varying asset sizes; credit unions of varying asset sizes; third-party vendors who use artificial intelligence when providing services to depository institutions and credit unions; and artificial intelligence experts. The contents of the report described in this subsection are as follows: A description of how banks and credit unions proactively protect themselves and consumers from fraud utilizing artificial intelligence.

A list of standard definitions for the different manners in which artificial intelligence is used, including terms like generative AI , machine learning , natural language processing , algorithmic AI , and deep fakes . A description of potential risks that could result from the use of artificial intelligence by bad actors to steal data and identities of consumers and commit fraud. A list of best practices for financial institutions to protect their customers from attempts to steal data and identities of consumers or commit fraud.

Legislative and regulatory recommendations for the regulation of artificial intelligence and to protect consumers from data theft, identity theft, and fraud.