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OCC, CFPB, FDIC, NCUA and Federal Reserve Take part Request for Data on Synthetic Intelligence and Utilization in Monetary Companies
In a joint assertion right now, 5 federal monetary regulatory companies introduced a session pertaining to the utilization of synthetic intelligence (AI) in addition to machine studying (ML) inside monetary establishments. The companies search data from the general public on how monetary establishments use AI of their actions, together with fraud prevention, personalization of buyer companies, credit score underwriting, and different operations.
The Federal Reserve Board, the Client Monetary Safety Bureau (CFPB), the Federal Deposit Insurance coverage Company (FDIC), the Nationwide Credit score Union Administration (NCUA) and the Workplace of the Comptroller of the Foreign money (OCC) introduced the request for data (RFI) to realize enter from monetary establishments, commerce associations, shopper teams, and different stakeholders on the rising use of AI by monetary establishments.
In response to the doc, the 5 separate companies search to assist “accountable innovation” as AI has the potential to enhance choice making and improve companies out there to each shoppers and companies. AI can present improved effectivity in addition to value discount for monetary establishments. After all, the utilization of AI might additionally enhance the chance for operational issues and different vulnerabilities.
Utilization of AI has grown quickly amongst many monetary companies corporations, one thing that’s anticipated to proceed as extra processes are automated.
The RFI seeks feedback to find out about utilization of AI and ML in addition to applicable governance, threat administration, and controls over AI; challenges in growing, adopting, and managing AI; and whether or not any clarification can be useful.
Feedback can be accepted for 60 days following publication within the Federal Register. All submissions in response to the RFI, together with attachments and different supporting supplies, will grow to be a part of the general public file and topic to public disclosure.
RFI Monetary Establishments’ Use of Synthetic Intelligence, together with Machine Studying 3.29.21