Comment Deadline Set for Banking Agencies' Request for Information on AI Use

A Federal Reserve Board, CFPB, FDIC, National Credit Union Administration and OCC request for information and comments on financial institutions' use of artificial intelligence (AI) and machine learning was published in the Federal Register. Comments must be submitted by June 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.