AI Act of 2024

HR 10262, titled the "AI Act of 2024," is a study mandate requiring five key financial regulators to examine AI's role in the U.S. financial system. The bill directs the Federal Reserve, FDIC, SEC, housing agencies (HUD, FHFA), and Treasury to submit detailed reports within 180 days of enactment, analyzing AI's benefits and risks across banking, securities, housing, and national security contexts. These reports must cover specific use cases (like AI in loan underwriting, fraud detection, fair lending, and cybersecurity), current regulatory gaps, and challenges in staffing with AI expertise. The studies aim to inform future regulatory proposals but do not impose new rules or requirements on financial institutions.