After unveiling his AI Action Plan this week, President Donald Trump released three executive orders on artificial intelligence.
Details: The EOs cover:
Background: Released in accordance with President Trump’s January executive order on Removing Barriers to American Leadership in AI, the AI Action Plan identifies several federal policy recommendations and focuses on accelerating AI innovation, building U.S. AI infrastructure, and leading in international AI diplomacy and security.
ICBA Input: In a March comment letter to the National Science Foundation on the development of the plan, ICBA said artificial intelligence has the potential to significantly enhance the operations of community banks by improving efficiency, strengthening risk management, and enhancing customer service, but regulatory frameworks must evolve in a way that supports innovation while safeguarding consumer protections and financial stability.
ICBA View: ICBA remains closely engaged as AI policy evolves, ensuring the voice of community banks is represented in key discussions. In response to federal developments, ICBA will soon release an AI strategy and set of policy principles tailored to support responsible AI adoption across the community banking sector.
ICBA Resource: A recent Independent Banker article shares how generative AI could help community banks identify potentially fraudulent activity and security flaws.