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The House of Representatives Committee on Financial Services has created task forces to study financial technology and artificial intelligence.
The task force on financial technology will examine issues related to fintech and big data, including reviewing challenges to data privacy, Rep. Maxine Waters, D-Calif., chairwoman of the committee, said Thursday in a statement. The task force on artificial intelligence will study applications of machine learning in financial services and regulation; emerging risk management perspectives related to algorithms and big data; AI, digital identification technologies and combatting fraud; and automation and its impact on jobs in financial services and the overall economy.
“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,” Rep. Waters said in the statement.
Rep. Stephen Lynch, D-Mass., will chair the task force on financial technology, and Rep. Bill Foster, D-Ill., will chair the task force on artificial intelligence.
From smart homes or businesses that report their own water leaks to 24-hour, multichannel customer engagement, the insurance claims process is being swept into the insurtech revolution, according to industry sources.