AI Innovation Act Would Bring New Era to Financial Services Industry

Earlier this year, the Unleashing AI Innovation in Financial Services Act was introduced to Congress to accelerate responsible AI experimentation. The bill would establish AI Innovation Labs to serve as regulatory sandboxes, allowing financial institutions to test AI tools in a supervised environment with temporary relief from enforcement actions. These sandboxes have proven effective in other sectors and could accelerate AI adoption across banking, insurance, and asset management….
By: Poyner Spruill LLP