WASHINGTON, D.C. – The Financial Technology Association (FTA) submitted a letter outlining recommendations to promote the responsible adoption of artificial intelligence and advance U.S. leadership and innovation in response to a request for information on the Development of an Artificial Intelligence (AI) Action Plan sent by the National Science Foundation on behalf of the Office of Science and Technology Policy.
“We commend the Administration’s leadership in advancing financial innovation and strengthening U.S. leadership in artificial intelligence,” said Penny Lee, President and CEO of the Financial Technology Association. “This AI Action Plan is a critical step toward fostering responsible AI development, ensuring that consumers and small businesses have access to cutting-edge financial tools.”
AI is Central to Fintech Innovation
Artificial intelligence is revolutionizing fintech, delivering smarter, more personalized financial solutions to consumers, small businesses, and startups. When used responsibly, AI helps people make more informed financial decisions – whether it’s optimizing a high-yield savings account, managing personal debt, or making smart investment decisions. In lending, AI-driven cash flow underwriting enhances accuracy and fairness by providing a more holistic view of a borrower’s risk profile and financial health. AI also strengthens financial security, driving real-time fraud detection and anti-money laundering measures that protect consumers and businesses. As AI continues to transform financial services, fostering responsible innovation will be key to ensuring its benefits reach all Americans.
The Action Plan Should Promote Responsible AI Adoption
As stated in the RFI, “with the right policies, the United States can solidify its position as a leader in AI and secure a brighter future for all Americans.“ To make that vision a reality in the financial services context, FTA urged the Trump Administration to prioritize the following elements in its National AI Action Plan:
- Support Responsible AI Adoption: By recognizing the benefits of AI adoption in financial services and markets and the appropriateness of existing legal and regulatory frameworks that have effectively governed financial services technologies for decades, the government can foster further AI development and adoption.
- Avoid Regulatory Fragmentation: By promoting a unified national regulatory approach to AI technologies and avoiding piecemeal approaches of conflicting, duplicative, and ambiguous rules, the government can ensure certainty and support U.S. industry abroad against hostile or anti-competitive measures.
- Apply Risk Management Frameworks and Support Technical Standards Formation: By applying well-known risk management frameworks to AI adoption and supporting the development of standards through standards-setting organizations (SSOs), the government can clarify regulatory expectations and safeguard the financial system.
- Enhance Data Access and Privacy Protections: By crafting comprehensive national data privacy legislation and unlocking high-quality data sets, the government can ensure responsible access to data needed to power AI models.
- Enhance Regulatory Agency Expertise, Support Use of AI to Advance Compliance, and Foster Public-Private Collaboration: By developing regulatory innovation offices, ensuring agency hiring of subject-matter experts, and fostering public-private information sharing, the government can ensure it has the knowledge and expertise to keep pace with AI development and foster adoption.
Read FTA’s full response to the RFI here.
ABOUT US
The Financial Technology Association (FTA) represents industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.
FTA Outlines Recommendations to Advance Financial Innovation and U.S. Leadership in AI
WASHINGTON, D.C. – The Financial Technology Association (FTA) submitted a letter outlining recommendations to promote the responsible adoption of artificial intelligence and advance U.S. leadership and innovation in response to a request for information on the Development of an Artificial Intelligence (AI) Action Plan sent by the National Science Foundation on behalf of the Office of Science and Technology Policy.
“We commend the Administration’s leadership in advancing financial innovation and strengthening U.S. leadership in artificial intelligence,” said Penny Lee, President and CEO of the Financial Technology Association. “This AI Action Plan is a critical step toward fostering responsible AI development, ensuring that consumers and small businesses have access to cutting-edge financial tools.”
AI is Central to Fintech Innovation
Artificial intelligence is revolutionizing fintech, delivering smarter, more personalized financial solutions to consumers, small businesses, and startups. When used responsibly, AI helps people make more informed financial decisions – whether it’s optimizing a high-yield savings account, managing personal debt, or making smart investment decisions. In lending, AI-driven cash flow underwriting enhances accuracy and fairness by providing a more holistic view of a borrower’s risk profile and financial health. AI also strengthens financial security, driving real-time fraud detection and anti-money laundering measures that protect consumers and businesses. As AI continues to transform financial services, fostering responsible innovation will be key to ensuring its benefits reach all Americans.
The Action Plan Should Promote Responsible AI Adoption
As stated in the RFI, “with the right policies, the United States can solidify its position as a leader in AI and secure a brighter future for all Americans.“ To make that vision a reality in the financial services context, FTA urged the Trump Administration to prioritize the following elements in its National AI Action Plan:
Read FTA’s full response to the RFI here.
ABOUT US
The Financial Technology Association (FTA) represents industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.