- A group of 15 Republican AGs, led by Tennessee AG Jonathan Skrmetti, submitted a comment letter to the U.S. Department of the Treasury in response to the Treasury’s Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector.
- The AGs’ letter emphasizes the need for fair and unbiased regulation of artificial intelligence in the financial services sector and urges the agency not to politicize the regulation of AI or create barriers to innovative AI products that can benefit consumers and detect fraud. The letter also highlights the potential benefits of the AI tools that are increasingly being implemented by financial services firms, including helpful chatbots for consumer interactions, expedited analyses of creditworthiness, and more effective fraud and financial crime detection.
- The AGs also urge the Treasury to focus on risks to financial reliability and consumer protection and avoid preempting state laws such as those prohibiting discriminatory debanking. We have previously covered another letter sent by 20 Republican AGs to the Treasury supporting state efforts to protect consumers and businesses from being denied banking services based on political beliefs or religious views.