(6) examines best practices for complying with 
applicable Federal laws and regulations, including 
anti-discrimination, consumer protection, and inves-
tor protection requirements with respect to internal 
or vendor-provided artificial intelligence systems uti-
lized by regulated entities. 
(b) REPORT.—Not later than the end of the 6-month 
period beginning on the date of the enactment of this Act, 
the heads of each covered agency shall issue a report to 
the Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate that contains— 
(1) all findings and determinations made in car-
rying out the study required under subsection (a); 
and 
(2) recommendations on whether Federal stat-
utes, regulations, guidance, orders, supervisory prac-
tices, or any other administrative actions should be 
revised with regard to the disclosures and standard-
ized descriptions of vendor-provided artificial intel-
ligence systems. 
(c) EXISTING AUTHORITY.—After the issuance of the 
report required under subsection (b), each covered agency 
shall, if the agency determines it appropriate and deter-
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mines the agency has the authority to act under another 
provision of law, require— 
(1) regulated entities and vendors providing ar-
tificial intelligence systems to regulated entities to— 
(A) report to the covered agency— 
(i) how the entity or vendor identifies 
data used to train artificial intelligence 
models; 
(ii) the delineation and ratios of syn-
thetic versus genuine data in the training 
of artificial intelligence models; 
(iii) the sources of such data; or 
(iv) how such models are designed and 
function, including how the data submitted 
to such models are incorporated and other 
ways in which the data is typically used; or 
(B) disclose all or part of the information 
described under subparagraph (A) to the public 
in such form as the covered agency determines 
appropriate; or 
(2) vendors seeking to provide artificial intel-
ligence systems to regulated entities to provide the 
regulated entities with a standardized disclosure, as 
determined by the covered agency, with information 
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described in paragraph (1)(A) for each artificial in-
telligence model the regulated entity seeks to utilize. 
(d) SENSE OF CONGRESS.—It is the sense of the 
Congress that a covered agency that determines the re-
quirements described under subsection (c) are needed 
should not wait to implement such requirements until 
after the issuance of the report under subsection (b). 
(e) DEFINITIONS.—In this section: 
(1) COVERED
AGENCY.—The term ‘‘covered 
agency’’ means the Board of Governors of the Fed-
eral Reserve System, the Bureau of Consumer Fi-
nancial Protection, the Federal Deposit Insurance 
Corporation, the Office of the Comptroller of the 
Currency, the National Credit Union Administra-
tion, and the Securities and Exchange Commission. 
(2) REGULATED
ENTITY.—With respect to a 
covered 
agency, 
the 
term 
‘‘regulated 
entity’’ 
means— 
(A) an entity with respect to which the 
covered agency is the primary financial regu-
latory agency (as defined under section 2 of the 
Dodd-Frank Wall Street Reform and Consumer 
Protection Act); 
(B) a State credit union or a Federal cred-
it union (as such terms are defined, respec-
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tively, under section 101 of the Federal Credit 
Union Act), with respect to the National Credit 
Union Administration; and 
(C) a covered person (as defined under sec-
tion 1002 of the Consumer Financial Protection 
Act of 2010), with respect to the Bureau of 
Consumer Financial Protection. 
Æ 
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