A May 2025 GAO report to Congress maps current AI use across U.S. financial institutions and their regulators, finding that most federal financial regulators are applying existing laws, regulations, and risk-based examinations to oversee AI rather than issuing AI-specific rules. The report identifies two structural gaps at NCUA: its model risk management guidance is insufficient in scope and detail for AI models, and it lacks authority to examine technology service providers that credit unions increasingly rely on for AI-driven services, a gap GAO first flagged in 2015 that Congress has not yet addressed. For financial institutions, the report signals that the near-term U.S. regulatory environment for AI in financial services will remain principles-based and examiner-driven rather than rules-based, with patchwork coverage depending on charter type and regulator, and that third-party AI vendor relationships carry uneven supervisory scrutiny across institution types.
260 other tracked developments touching the same claims.