S.4870, A bill to require reports on artificial intelligence regulation in the financial services industry.

• Authority: United States Congress
• Parent authority: Federal government
• Jurisdiction: United States
• Collections: U.S. federal laws
• Most recent activity: Defunct
• Most recent activity date: 2025-01-03

Risk subdomain coverage

Minimal coverage — Brief mention but no specific mitigations, recommendations or governance measures relating to the risk subdomain are described.

• Governance failure
• Lack of transparency or interpretability

All other risk subdomains had no coverage in this document.

Risk Coverage Summary

This document has minimal coverage of AI risk domains. It primarily addresses governance structures and regulatory oversight (6.5) with minimal coverage of transparency issues (7.4). The document focuses on information gathering about AI use in financial services rather than directly addressing specific AI risks or harms.

Sector coverage

Good coverage — Comprehensive governance measures or mitigations with clear procedures relating to the sector are explicitly described.

• Finance & Insurance
• Public Administration (excl. National Security)

All other sectors had no coverage in this document.

Sectors Summary

This document primarily governs the Finance and Insurance sector by requiring federal financial regulatory agencies to report on AI use in financial institutions. It also governs Public Administration (excluding National Security) as it mandates reporting from federal agencies about their own AI use and oversight capabilities.

Legislative Status

Hard Law

Legislative Status Summary

This is a binding legislative bill with mandatory reporting requirements imposed on federal financial regulatory agencies, using mandatory language ('shall submit') with specific deadlines and clear legal obligations.

Actors

Proposer

• Entity Types: AI_Governance_Actor
• Entities: United States Congress
• Summary: The document is a Congressional bill (S.4870) proposed by the United States Congress to require reports from federal financial regulatory agencies.

Target

• Entity Types: AI_Governance_Actor, AI_Deployer
• Entities: Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; Office of the Comptroller of the Currency; National Credit Union Administration; Bureau of Consumer Financial Protection; institutions the agency regulates
• Summary: The bill targets federal financial regulatory agencies that must submit reports, and indirectly targets the financial institutions they regulate that are using AI. The agencies are both governance actors and deployers of AI in their own operations.

Enforcer

• Entity Types: AI_Governance_Actor
• Entities: Committee on Banking, Housing, and Urban Affairs of the Senate; Committee on Financial Services of the House of Representatives
• Summary: The Congressional committees receive the reports and provide oversight, serving as the enforcement mechanism through their legislative and oversight authority.

Monitor

• Entity Types: AI_Governance_Actor
• Entities: Committee on Banking, Housing, and Urban Affairs of the Senate; Committee on Financial Services of the House of Representatives
• Summary: The same Congressional committees that enforce also monitor implementation by receiving and reviewing the required reports on AI knowledge gaps and regulatory needs.

AI Lifecycle Stages

Lifecycle stages covered by the documents, as defined in the OECD Framework for the Classification of AI Systems

• Plan and Design
• Build and Use Model
• Deploy
• Operate and Monitor

AI Lifecycle Summary

The document does not focus on specific AI lifecycle stages but rather on information gathering about AI use across all stages. It implicitly covers all lifecycle stages by requiring agencies to report on how AI is being used in regulated institutions and within agencies themselves, including current use, planned use, governance standards, and oversight.

Technical Scope

Terms relating to technical scope that are mentioned or implicitly referenced in the document

No technical scope terms identified.

Technical Scope Summary

The document uses the general term 'artificial intelligence' throughout without defining it or specifying particular types of AI systems, models, or technical characteristics. No specific AI categories, compute thresholds, or model types are mentioned.