Press Release

March 29, 2021 Agencies seek wide range of views on financial institutions' use of artificial intelligence Board of Governors of the Federal Reserve System Consumer Financial Protection Bureau Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency For release at 2:00 p.m. EDT Share Five federal financial regulatory agencies are gathering insight on financial institutions' use of artificial intelligence (AI). The agencies seek information from the public on how financial institutions use AI in their activities, including fraud prevention, personalization of customer services, credit underwriting, and other operations. The Federal Reserve Board, the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC) announced the request for information (RFI) to gain input from financial institutions, trade associations, consumer groups, and other stakeholders on the growing use of AI by financial institutions. More specifically, the RFI seeks comments to better understand the use of AI, including machine learning, by financial institutions; appropriate governance, risk management, and controls over AI; challenges in developing, adopting, and managing AI; and whether any clarification would be helpful. Comments will be accepted for 60 days following publication in the Federal Register . Federal Register notice: Request for Information and Comment on Financial Institutions’ Use of Artificial Intelligence, including Machine Learning Media Contacts: Related Content Board Votes

Federal Reserve (2021, March 28). Press Release. Press Releases, Federal Reserve. https://whenthefedspeaks.com/doc/press_release_20210329_agencies_seek_wide_range_of_views_on_financial

@misc{wtfs_press_release_20210329_agencies_seek_wide_range_of_views_on_financial,
  author = {Federal Reserve},
  title = {Press Release},
  year = {2021},
  month = {Mar},
  howpublished = {Press Releases, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/press_release_20210329_agencies_seek_wide_range_of_views_on_financial},
  note = {Retrieved via When the Fed Speaks corpus}
}