Information on how financial institutions use artificial intelligence (AI) in their activities, including fraud prevention, personalization of customer services, credit underwriting, and more is sought under a request for information announced Monday by federal bank, credit union, and financial consumer protection agencies.
The Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corp. (FDIC), Federal Reserve Board, National Credit Union Administration (NCUA), and Office of the Comptroller of the Currency (OCC) are seeking input from financial institutions, trade associations, consumer groups, and other stakeholders. Via the RFI, the agencies said they wish to understand:
- financial institutions’ use of AI, including machine learning;
- appropriate governance, risk management, and controls over AI;
- challenges in developing, adopting, and managing AI; and
- whether clarifications are needed.
On that last point, the agencies said they are seeking to learn “whether any clarifications from the agencies would be helpful for financial institutions’ use of AI in a safe and sound manner and in compliance with applicable laws and regulations, including those related to consumer protection.”
Comments will be due 60 days after the RFI’s publication in the Federal Register.
Agencies seek wide range of views on financial institutions’ use of artificial intelligence