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AI Disclosure in Financial Services: Transparency for Consumers

This new act aims to increase transparency in how financial institutions and their vendors use artificial intelligence. It seeks to protect consumers and investors by ensuring AI systems are fair and comply with existing laws. Citizens can expect more clarity on how their data is used by AI in banks or investment firms.
Key points
Financial agencies will study and establish standards for AI systems used by banks and other institutions.
Companies will need to disclose how they train their AI models, including data sources and synthetic vs. genuine data ratios.
The goal is to ensure AI systems comply with anti-discrimination and consumer protection laws.
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Expired
Citizen Poll
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Additional Information
Print number: 118_HR_10263
Sponsor: Rep. Waters, Maxine [D-CA-43]
Process start date: 2024-11-26
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Responsible AI Disclosure Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_10263.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-11-26.

What are the main provisions?

Key points include:

  • Financial agencies will study and establish standards for AI systems used by banks and other institutions.
  • Companies will need to disclose how they train their AI models, including data sources and synthetic vs. genuine data ratios.
  • The goal is to ensure AI systems comply with anti-discrimination and consumer protection laws.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Waters, Maxine [D-CA-43].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Economy Informatization Courts and Law