US Federal Regulators Add Time to Comment Period on AI and Financial Services

As was reported last March, five federal regulatory agencies joined in a consultation pertaining to the usage of artificial intelligence (AI) and machine learning (ML) within financial institutions.

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) initiated a request for information (RFI) to gain input from financial institutions, trade associations, consumer groups, and other stakeholders in a sector of finance that is growing rapidly and already in wide use.

Originally, the comment period was scheduled to end 60 days following publication in the Federal Register (June 1), but today the five regulators extended the comment period until July 1, 2021.

The agencies are hoping they will receive information and insight 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 RFI seeks comments to better understand the use of AI, including machine learning, by financial institutions; appropriate governance, risk management, and controls over AI; and challenges in developing, adopting, and managing AI.

 

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