House Financial Services Panel Launches Fintech, AI Task Forces (1)

The House Financial Services Committee is creating two task forces for members to examine fintech and artificial intelligence issues including alternative data used for lending, data privacy and the use of algorithms and digital identities.

“As new technologies emerge and the financial services industry puts those technologies to use, Congress must make sure that responsible innovation is encouraged, and that regulators and the law are adapting to the changing landscape to best protect consumers, investors and small businesses,” committee Chairwoman Rep. Maxine Waters (D-Calif.) said in a May 9 announcement.

Rep. Stephen Lynch (D-Mass.) will chair the financial technology task ...