An extension to July 1 for the deadline to comment on how financial institutions use artificial intelligence (AI) in their activities was announced Monday by financial institution regulators.
The invitation to comment was provided in a request for information (RFI) published in late March by the Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corp. (FDIC), Federal Reserve, National Credit Union Administration (NCUA), and Office of the Comptroller of the Currency.
The five agencies are seeking information from the public on how financial institutions use AI in activities such as fraud prevention, personalization of customer services, credit underwriting, and other operations. Regulators said they are seeking to better understand the use of AI, including machine learning, by financial institutions; appropriate governance, risk management, and controls over AI; and challenges in developing, adopting, and managing AI.
The original comment deadline was June 1, but regulators said they were extending that in response to concerns from commenters noting “the complex technical nature and significance of the topic.”