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In comments to the National Science Foundation on the development of an Artificial Intelligence Action Plan, ICBA said community banks recognize both the opportunities and challenges AI presents within the financial services sector.
ICBA said AI has the potential to significantly enhance the operations of community banks by improving efficiency, strengthening risk management, and enhancing customer service. However, as AI adoption increases, it is critical that regulatory frameworks evolve in a way that supports innovation while safeguarding consumer protections and financial stability.
Community banks must be included in policy discussions to ensure that AI regulations are proportionate, fair, and practical for institutions of all sizes.