Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, launched a formal Request for Information (RFI) inviting consumer advocates, industry experts, regulators, and the public to submit feedback on the use of Artificial Intelligence (AI) in the financial marketplace. 

The RFI is part of the Committee's ongoing work to examine how AI is changing the financial marketplace and to help inform a modern federal framework that encourages responsible innovation while protecting consumers, investors, small businesses, and our nation’s financial markets. As AI becomes more widely used across financial services, the Committee is seeking input on potential benefits, emerging risks, existing regulatory authorities, and areas where Congress may need to act. 

“Through these efforts, the Committee worked to ensure that regulators and the law were adapting to the changing landscape to promote responsible innovation and expand access to affordable financial products and services,” wrote Ranking Member Waters. “While ensuring there were sufficient safeguards to protect consumers, investors, and small businesses.” 

The RFI builds on the Committee's bipartisan work to examine AI in financial services, including its 2024 bipartisan staff report on the implications of AI for the financial system. Since then, AI technology has advanced rapidly while federal policy has continued to shift, raising new questions about consumer protection, financial stability, and regulatory oversight. Simultaneously, the Administration has continued efforts to dismantle the Consumer Financial Protection Bureau (CFPB)—the primary watchdog tasked with shielding consumers from predatory algorithmic practices. 

“Given the critical role of the financial and housing markets, the Committee should play a leading role in overseeing the adoption of AI in the financial services and housing industries,” Ranking Member Waters stated. “The Administration has rescinded federal guidance that affirmed the application of federal law to AI decision-making. The Administration has also continued its attempts to dismantle the Consumer Financial Protection Bureau (CFPB), the agency charged with ensuring that financial products and services using emerging technologies do not violate federal consumer financial protection laws.” 

In light of recent warnings from Anthropic regarding the cyber and systemic threats posed by advanced AI models, the Committee is seeking feedback on how current federal laws apply to the financial marketplace, potential regulatory gaps, and how recent executive directives impact the financial sector. The Committee’s RFI invites public feedback by August 14, 2026. 

See the full RFI HERE.  
Submit your response to the RFI HERE. 

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