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Accelerating AI Innovation in Financial Services Through Regulatory Sandboxes.

This Act establishes special testing zones (sandboxes) where banks and financial institutions can deploy new AI-powered products and services. Companies can temporarily waive certain regulations if they demonstrate that their innovations protect consumers and improve access to services. The goal is to speed up the development of modern and secure financial tools available to the public.
Key points
Financial institutions (banks, brokers, credit unions) will be able to test new AI products under controlled conditions, with temporary relief from specific regulations.
Tested projects must serve the public interest, enhance consumer protection, and not pose a risk to the nation's financial stability.
Citizens may see faster introduction of innovative financial services, such as new credit systems, investment tools, or improved fraud security.
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Expired
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Additional Information
Print number: 118_S_4951
Sponsor: Sen. Rounds, Mike [R-SD]
Process start date: 2024-08-01
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
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_S_4951.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-08-01.

What are the main provisions?

Key points include:

  • Financial institutions (banks, brokers, credit unions) will be able to test new AI products under controlled conditions, with temporary relief from specific regulations.
  • Tested projects must serve the public interest, enhance consumer protection, and not pose a risk to the nation's financial stability.
  • Citizens may see faster introduction of innovative financial services, such as new credit systems, investment tools, or improved fraud security.
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 Sen. Rounds, Mike [R-SD].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

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