House Financial Services Committee Creates Task Forces on FinTech and AI

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).