State legislators are only beginning to explore and understand the implications of artificial intelligence (AI) in their states. Some AI legislation considered in recent legislative cycles has included regulating the use of AI in education, prohibiting false representations of candidates in political advertising, and prohibiting a person from knowingly possessing, controlling, creating or intentionally viewing representations generated by AI of child pornography. All of these reforms are important for legislators to consider. However, it’s crucial that legislators take a proactive role in shaping AI policy, particularly in the growing area of AI in banking.

As the Policy Tip Sheet below explains, “financial institutions that rely on AI and advanced algorithms, including financial services companies, run the risk of introducing the biases of designers and activists into their services. In some cases, this could put them at odds with existing regulations that mandate fair treatment of consumers and businesses.” 

Read the rest of the Policy Tip Sheet here.

Reach out to us here if you would like assistance with legislation in your state. For more information on AI, see our Tip Sheet AI in Criminal Justice and AI in ESG.