Establishes a Task Force on Artificial Intelligence in the Financial Services Sector to report on AI use and risks.
The Preventing Deep Fake Scams Act establishes a Task Force on Artificial Intelligence in the Financial Services Sector. The Task Force will report to Congress on how banks and credit unions use AI to protect against fraud. It will also provide definitions for AI terms, best practices for financial institutions, and recommendations for AI regulation. The Task Force will consult with industry stakeholders and experts, and will solicit public feedback on its report. The Task Force will terminate 90 days after issuing its final report.
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