According to people familiar with the situation cited by Reuters, the current regulatory approach in the United States is focused on deepening understanding rather than imposing new rules — for now.
A formal information-gathering exercise takes shape
In April, the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) jointly issued revised interagency guidance on model risk management, clarifying that generative and agentic AI models are “novel and rapidly evolving” and therefore fall outside its scope. Rather than leave a vacuum, the three agencies committed to issuing — in the near future — a formal request for information on banks’ use of AI, including generative and agentic systems.
That forthcoming request means banks must effectively self-govern AI risk with no formal rulebook in place for the foreseeable future — a posture that will be familiar to UK mortgage lenders and brokers operating in a broadly similar space.
The FCA’s own long-game on AI
The FCA launched its own review in January 2026, led by executive director Sheldon Mills, into how advanced AI may affect consumers, retail financial markets and regulators over the rest of the decade. The regulator noted that AI is already embedded across financial services, and that rapid advances in generative and agentic systems could alter how markets function, how firms compete and how consumers access retail products, including mortgages.
Mills set out the review’s ambition directly: “By taking a forward-looking view, the review will help the FCA continue to support innovation while promoting the safe and trusted adoption of AI in retail financial services.”