US HB1734

Establishes a Task Force on Artificial Intelligence in the Financial Services Sector, chaired by the Secretary of the Treasury and including representatives from the Federal Reserve, FDIC, CFPB, OCC, NCUA, and FinCEN

Requires the Task Force to issue a report to Congress within 1 year of enactment, with public feedback solicited within 90 days

Report must address how banks and credit unions protect against AI-enabled fraud, standard definitions for AI terminology (generative AI, machine learning, deep fakes, etc.), and potential risks from bad actors using AI for data theft, identity theft, and fraud

Task Force must consult with depository institutions and credit unions of varying asset sizes, third-party AI vendors, and artificial intelligence experts

Task Force terminates 90 days after issuing its final report