House Financial Services Committee creates fintech, AI task forces
On May 9, the House Financial Services Committee announced the creation of a Task Force on Financial Technology as well as a Task Force on Artificial Intelligence. Representative Stephen Lynch (D-MA) will chair the Task Force on Financial Technology, which will explore the use of alternative data in loan underwriting, payments, big data, and data privacy challenges. Representative Bill Foster (D-IL) will chair the Task Force on Artificial Intelligence, which will focus on understanding ways to utilize AI within the financial services industry. It will also examine issues related to algorithms, digital identities, and combatting fraud. Both task forces will expire on December 9.