Agencies seek insight on financial institutions’ use of artificial intelligence | 2021-03-29

5 federal monetary regulators, together with the NCUA and the Shopper Monetary Safety Bureau (CFPB), are gathering insights into using synthetic intelligence (AI) by monetary establishments. The companies are soliciting data from the general public about how monetary establishments use AI of their operations, together with fraud prevention, customer support personalization, credit score insurance coverage, and different operations.

Along with the NCUA and CFPB, the Federal Reserve Board, the Federal Deposit Insurance coverage Company (FDIC), and the Workplace of the Forex Verifier (OCC) introduced the Request for Info (RFI) for enter from monetary establishments and commerce associations, client teams and different stakeholders on the rising use of AI by way of monetary establishments.

Particularly, the RFI is soliciting feedback to raised perceive using AI, together with machine studying, by monetary establishments. ample governance, threat administration and management over AI; Challenges in growing, adopting and managing AI; and whether or not clarification can be useful.

Feedback are accepted 60 days after publication within the Federal Register.

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