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Comments due: CFPB, FDIC, Federal Reserve, NCUA, OCC (request for information; FIs’ use of artificial intelligence)

July 1

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 (OCC) are gathering information and comments on financial institutions’ use of artificial intelligence (AI), including machine learning. The aim 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 agencies also seek to understand whether any clarifications by them 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 were originally due June 1, but regulators have extended that deadline to July 1.

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


July 1
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