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Posted on Friday, April 2, 2021
The Board of Governors of the Federal Reserve System, Bureau of Consumer Financial Protection, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency, have published a Request for Information and Comment on Financial Institutions’ Use of Artificial Intelligence, Including Machine Learning. The goal of the RFI is to gather information about the use of AI by financial institutions in customer services and for business and operational purposes; and on challenges in developing, adopting and managing AI. Comments can be submitted jointly to all agencies involved and are due 60 days after publication in the Federal Register.
The RFI points out that financial institutions are exploring the use of AI to flag unusual transactions, personalize customer services, make credit decisions, manage risk, analyze text and conduct cybersecurity, among other uses. The RFI points out the potential benefits and risks of using AI and requests input on questions such as are there any barriers or challenges that data quality and data processing pose for developing, adopting, and managing AI? How does risk management for alternative data compare to that of traditional data?
The deadline for the comment period has been extended to July 1, 2021.