Rep. Maxine Waters (D-Calif.), ranking member on the House Financial Services Committee, launched a formal request for information (RFI) on July 7, inviting consumer advocates, industry experts, regulators and the public to submit feedback on the use of artificial intelligence (AI) in the financial marketplace and housing industry.

The RFI is part of the committee’s ongoing work to examine how AI is changing the financial marketplace and to help inform a modern federal framework that encourages responsible innovation while protecting consumers, investors, small businesses and financial markets. As AI becomes more widely used across financial services, the committee is seeking input on potential benefits, emerging risks, existing regulatory authorities and areas where Congress may need to act. 

“Through these efforts, the committee worked to ensure that regulators and the law were adapting to the changing landscape to promote responsible innovation and expand access to affordable financial products and services, while ensuring there were sufficient safeguards to protect consumers, investors and small businesses,” Waters wrote.

The RFI builds on the committee’s bipartisan work to examine AI in financial services, including its 2024 bipartisan staff report on the implications of generative AI for financial systems and housing. The report contained the following takeaways:

• Given the critical role of the financial and housing markets, the committee should play a leading role in overseeing the adoption of AI in the financial services and housing industries.
• The committee must ensure regulators apply and enforce existing laws, including anti-discrimination laws, and assess regulatory gaps as market participants adopt AI.
• The committee should ensure the financial regulators have the appropriate focus and tools to oversee new products and services.
• The committee should continue to consider how to reform data privacy laws given the importance of data, especially consumer data, to AI.
• The committee should work with financial regulators to understand AI’s impact on the workforce.
• The committee should ensure U.S. global leadership on AI development and use.

The committee is seeking feedback on how current federal laws apply to the financial marketplace, potential regulatory gaps and how recent executive directives impact the financial sector.

Public feedback is due by Aug. 14.