Congress is considering H.R. 4801, the Unleashing AI Innovation in Financial Services Act, a dangerous bill that would let big banks and other financial firms seek broad waivers from existing civil rights, consumer protection, and financial stability laws while they experiment with artificial intelligence.

Financial firms are already using AI in lending, fraud detection, debt collection, customer service, and other parts of the financial system — all while following federal laws. These tools directly impact whether someone gets approved for credit, keeps access to a bank account or faces abusive collection tactics.

If financial firms want to use AI, they should have to follow the law, disclose what they are doing, protect consumers’ data and face enforcement when their systems cause harm.

The bill fails to address the documented risk that AI systems can amplify discrimination against Black, Latine, Asian American, Indigenous, disabled, and women consumers. It does not require financial firms to disclose when they use AI. It does not require customer consent for data collection. It does not provide meaningful remedies when AI systems make inaccurate decisions or rely on flawed data.

AI in finance can cause immediate harm to consumers and broader risks to the economy. Once people are denied loans, locked out of bank accounts, pushed into abusive products, or harmed by faulty automated systems, the damage can be difficult or impossible to undo.

Congress must reject H.R. 4801 and any legislation that lets financial firms use AI while escaping supervision, enforcement, and accountability.

Tell your representative to oppose H.R. 4801 and protect consumers, investors, communities, and the economy from risky financial AI.