Featured Product

    US Agencies Seek Input on Use of Artificial Intelligence by Firms

    March 29, 2021

    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.


    Related Links

    Comment Due Date: FR + 60 Days

    Keywords: Americas, US, Banking, Insurance, Securities, Artificial Intelligence, Machine Learning, Regtech, Suptech, Credit Risk, Fraud Prevention, US Agencies

    Related Articles

    EBA Proposes Standards for IRRBB Reporting Under Basel Framework

    The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.

    January 31, 2023 WebPage Regulatory News

    FED Issues Further Details on Pilot Climate Scenario Analysis Exercise

    The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.

    January 17, 2023 WebPage Regulatory News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8699