Administration releases Artificial Intelligence Action Plan

The White House released an AI Action Plan that includes removing barriers to innovation and responsible adoption of AI.

Details: Released in accordance with President Donald Trump’s January executive order on Removing Barriers to American Leadership in AI, the plan identifies several federal policy recommendations and focuses on three pillars:

• Accelerate AI innovation.

• Build American AI infrastructure.

• Lead in international ai diplomacy and security.

ICBA Input: In a comment letter to the National Science Foundation on the development of the plan, ICBA in March 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.

More: President Trump also signed three executive orders this week aimed at advancing the administration’s AI Action Plan. ICBA remains closely engaged as AI policy evolves, ensuring the voice of community banks is represented in key discussions.

ICBA AI Strategy: In response to these 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.