SIIA Submits Letter to HFSC on Enabling Responsible AI Innovation in Financial Services

SIIA submitted a letter to the House Financial Services Committee (HFSC) for the record of the December 10 hearing, "From Principles to Policy: Enabling 21st Century AI Innovation in Financial Services." The letter highlights SIIA's nearly 400-member ecosystem-including leading technology, financial data, and digital service firms-and outlines how AI is already widely deployed in fraud detection, risk modeling, underwriting, reporting, and other essential financial operations. SIIA stresses that responsible AI is not theoretical but grounded in rigorous model testing, monitoring, data quality controls, and human oversight already in practice across the financial services sector.

The letter urges Congress to support regulatory clarity, avoid one-size-fits-all frameworks, and focus on risk-based, sector-specific, use-based approaches. SIIA also shares insights from its recent AI in Financial Services Capitol Hill event, where experts from AWS, Bloomberg, JP Morgan Chase, and LSEG emphasized the need for public-private collaboration and regulatory sandboxes to support innovation while maintaining consumer protections. SIIA reiterates its readiness to partner with policymakers and points to its newly released Federal AI Legislative Roadmap as a guide for crafting legislation that balances innovation, safety, and practical implementation across the financial sector.