Request for Information and Comment on Financial Institutions’ Use of Artificial Intelligence, including Machine Learning

Title:

Request for Information and Comment on Financial Institutions’ Use of Artificial Intelligence, including Machine Learning

Subject: FIs’ use of artificial intelligence
Agency: CFPB, FDIC, Federal Reserve, NCUA, OCC
Status: Request for information and comment
Summary:

The agencies are gathering information and comments on financial institutions’ use of artificial intelligence (AI), including machine learning (ML). The purpose of this request for information (RFI) is to understand respondents’ views on the use of AI by financial institutions in their provision of services to customers and for other business or operational purposes; appropriate governance, risk management, and controls over AI; and any challenges in developing, adopting, and managing AI. The RFI also solicits respondents’ views on the use of AI in financial services to assist in determining 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.

FR Doc: 2021-06607
Date proposed: March 29, 2021
Comments due date: June 1, 2021
Effective date:

Rule compliance date:
Agency release:

Related Reg Report item(s):

Agencies’ RFI asks how financial institutions use AI for fraud prevention, underwriting, more

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