US Agencies Seek Input on Use of Artificial Intelligence by Firms
US Agencies (CFPB, FDIC, FED, NCUA, and OCC) are seeking input on the use of artificial intelligence by financial institutions. The aim is to better understand the use of artificial intelligence, including machine learning; appropriate governance, risk management, and controls over artificial intelligence; and challenges in developing, adopting, and managing artificial intelligence. The comment period for this request for information will end 60 days after its publication in the Federal Register.
The agencies are seeking information on how financial institutions use artificial intelligence in their activities, including fraud prevention, personalization of customer services, credit underwriting, and other operations. The request for information also solicits respondents’ views on the use of artificial intelligence in financial services to assist in determining whether any clarifications from the agencies would be helpful for financial institutions’ use of artificial intelligence in a safe and sound manner and in compliance with the applicable laws and regulations, including those related to consumer protection. The Appendix of this request for information includes a non-comprehensive list of laws, regulations, and other agency issuances that may be relevant to the use of artificial intelligence approaches by agency-supervised institutions.
The agencies support responsible innovation by financial institutions. Use of new technologies, such as artificial intelligence, has the potential to augment decision-making and enhance services available to consumers and businesses. As with any activity or process in which a bank engages, identifying and managing risks is key.
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Comment Due Date: FR + 60 Days
Keywords: Americas, US, Banking, Insurance, Securities, Artificial Intelligence, Machine Learning, Regtech, Suptech, Credit Risk, Fraud Prevention, US Agencies
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