ABA Urges Congress to Recognize Existing AI Oversight in Banking

The American Bankers Association ("ABA") submitted a statement for the record to the House Financial Services Committee asserting that banks already operate under extensive compliance regimes covering artificial intelligence risks and that the financial services sector serves as a model for responsible AI deployment.

The ABA claimed that federally regulated financial institutions undergo supervision, examination, and enforcement of their use of any technology, including AI. The association emphasized that a complex overlay of applicable laws, regulations, and supervisory guidance already governs banks' AI usage, most importantly model risk management expectations issued by the Federal Reserve, the OCC, and the FDIC.

The association noted that in 2021, the Fed, the OCC, and the FDIC issued interagency guidance addressing model risk management to support Bank Secrecy Act/Anti-Money Laundering and Office of Foreign Assets Control compliance.

The statement was submitted for the December 10, 2025, hearing titled "From Principles to Policy: Enabling 21st Century AI Innovation in Financial Services."