• April 25, 2024

U.S. regulators are asking for a closer look at artificial intelligence and how it is used by financial institutions, specifically. A joint Request for Information (RFI) from several agencies is asking stakeholders to weigh in on AI, natural language processing, intelligent automation and other advanced technologies financial institutions are increasingly using to become more efficient and productive, while reducing costs.

The agencies (Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Bureau of Consumer Financial Protection and the National Credit Union Administration) are all engaged in regulating the financial sector in some way. They acknowledge the benefits technology has had for banks in risk management activities, customer personalization, cybersecurity and credit decisioning, but want to better understand the risks to the institutions and how those risks might translate to consumers.

The agencies are asking for stakeholders to provide insight before June 1. Interested parties can read the RFI documents and submit a formal comment via a link at the RFI’s entry in the Federal Register.