"Mortgage industry trade groups lauded the order. CHLA commends the Trump Administration for yesterday's Executive Order that will help maximize the full capabilities of Artificial Intelligence (AI), said Scott Olson, executive director for the Community Home Lenders of America (CHLA). Individual Mortgage Banks are already gaining efficiencies through the use of AI and avoiding a patchwork of 50 different state laws is crucial to those efforts."
"The Mortgage Bankers Association (MBA) also released a statement of support. 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, MBA president and CEO Bob Broeksmit said. 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."
"The executive order directs the attorney general to create an AI Litigation Task Force whose sole responsibility shall be to challenge State AI laws inconsistent with the policy set forth. States that do not comply with federal requirements could face funding restrictions. Additionally, within 90 days, the Department of Commerce must outline conditions under which states can qualify for remaining Broadband Equity Access and Deployment (BEAD) pro"
President Trump contrasted U.S. governance with China’s centralized decision-making while promoting a national approach to AI. The administration issued an executive order aimed at creating a clear, nationally consistent federal framework for artificial intelligence. Mortgage industry groups, including CHLA and the MBA, praised the order for preserving AI efficiencies and avoiding a patchwork of state regulations that could raise compliance and borrower costs. Several states, such as Colorado, California, Utah and Texas, have already passed AI-related laws. The order directs the attorney general to form an AI Litigation Task Force and ties certain federal funding conditions to state compliance.
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