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AI Innovation in Finance: Testing New Services Without Regulatory Penalties

This Act establishes "regulatory sandboxes" allowing banks and financial institutions to test new AI-driven products and services. These entities can temporarily waive certain federal regulations, provided their projects benefit the public interest, improve consumer access, and pose no systemic risk. The goal is to accelerate innovation in the financial sector, potentially leading to faster and more modern services for citizens.
Key points
Financial institutions can test new AI products by obtaining temporary waivers from specific federal regulations, provided they offer an alternative compliance strategy.
Projects must demonstrate improved access to financial services, consumer protection, and no threat to market stability or national security.
These changes aim to speed up innovation, potentially resulting in new, more efficient banking and investment services available to the public.
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Additional Information
Print number: 118_HR_9309
Sponsor: Rep. Hill, J. French [R-AR-2]
Process start date: 2024-08-06
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Unleashing AI Innovation in Financial Services Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_9309.

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 2024-08-06.

What are the main provisions?

Key points include:

  • Financial institutions can test new AI products by obtaining temporary waivers from specific federal regulations, provided they offer an alternative compliance strategy.
  • Projects must demonstrate improved access to financial services, consumer protection, and no threat to market stability or national security.
  • These changes aim to speed up innovation, potentially resulting in new, more efficient banking and investment services available to the public.
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. Hill, J. French [R-AR-2].

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 2025-12-26.

CATEGORIES

Economy Informatization