Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit commended President Trump’s executive order that blocks states from creating their own regulations around artificial intelligence (AI) while seeking to create national regulatory framework for the technology.
“MBA welcomes President Trump’s executive order on AI and appreciates the administration’s focus on establishing a clear, nationally consistent framework for emerging technologies,” said Broeksmit in a statement. “Technology does not stop at a state border. We believe strongly that a unified federal approach is necessary to avoid a confusing patchwork of state laws and regulations that would stifle innovation and raise compliance and borrower costs.”
Broeksmit highlighted the mortgage banking industry’s commitment to evolving technology and said AI is the next chapter in its support of innovative solutions.
“We will work with policymakers on a legislative framework that builds on this executive order to provide durable guardrails, protect consumers, strengthen the mortgage system, and support a competitive marketplace,” he said. “A clear federal framework will give lenders and technology partners the certainty needed to deploy AI safely and responsibly.”
