Unleashing AI Innovation in Financial Services Act

Summary

Unleashing AI Innovation in Financial Services Act This bill allows regulated financial entities to test artificial intelligence (AI) projects under waived or modified regulations upon the approval of an application by the appropriate federal financial regulatory agency. These agencies must establish AI innovation labs to enable such projects. Under the bill, regulated entities may engage in AI test projects associated with financial products, services, or activities. Regulated entities must apply to the appropriate agency with a description and proposed duration of the AI test project, propose an alternative compliance strategy, and explain how the AI test project serves the public interest and does not present certain risks. The alternative compliance strategy must include several elements, such as (1) identifying a regulation issued by an agency that the regulated entity requests to be waived or modified and (2) proposing an alternative method of compliance with the regulation's underlying statute. Upon approval, the agency may only enforce such a regulation according to the agreement. The bill also provides for agency review of such applications, establishes procedures for entities that are subject to regulation by multiple agencies, and allows agencies to file for injunctive relief if an AI test project presents certain risks or dangers.

Summary from the Congressional Research Service. How we handle summaries

Where it stands

Out of committee and scheduled for a vote by the full chamber.

House Committee on Financial Services · U.S. House of Representatives

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Cosponsors

Related bills

• S. 2528Unleashing AI Innovation in Financial Services ActIdentical bill

As identified by Congress.gov.

Full history

1. Jun 24, 2026

   Placed on the Union Calendar, Calendar No. 619.

2. Jun 24, 2026

   Placed on the Union Calendar, Calendar No. 619.

3. Jun 24, 2026

   Introduced

   Placed on the Union Calendar, Calendar No. 619.

   U.S. House

4. Jun 24, 2026

   Placed on the Union Calendar, Calendar No. 619.

5. Jun 24, 2026

   Reported out of committee

   Reported (Amended) by the Committee on Financial Services. H. Rept. 119-713.

Read the record

• Read on Congress.gov (opens in a new tab) The official record on Congress.gov.