Comment Deadline Extended for Banking Agencies' Request for Information on AI

The Federal Reserve Board, the CFPB, the FDIC, the National Credit Union Administration and the OCC extended a request for information and comments on financial institutions' use of artificial intelligence ("AI") and machine learning. The comment deadline was extended from June 1, 2021 to July 1, 2021.

As previously covered, the agencies are seeking information on operational purposes, governance and cybersecurity, risk management, credit decisions, and controls over AI. In addition, the agencies are soliciting views on the use of AI in financial services to determine whether additional clarifying guidance is needed.