Comments due on agencies' RFI on financial institutions' use of AI
In a joint press release, the Fed, CFPB, FDIC, NCUA, and OCC have announced they are seeking information from the public on how financial institutions use artificial intelligence (AI) in their activities, including fraud prevention, personalization of customer services, credit underwriting, and other operations.
The agencies announced their request for information to gain input from financial institutions, trade associations, consumer groups, and other stakeholders on the growing use of AI by financial institutions. More specifically, the RFI seeks comments to better understand the use of AI, including machine learning, by financial institutions; appropriate governance, risk management, and controls over AI; challenges in developing, adopting, and managing AI; and whether any clarification would be helpful.
Comments will be accepted for 60 days following publication in the Federal Register.
Publication and comment period update: Scheduled for Federal Register publication on 3/31/2021, with comments due by 5/31/2021.