Five US federal financial regulatory agencies have issued a request for information (RFI) on the use of artificial intelligence (AI) by financial institutions.

The five agencies are 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).

Particularly, the agencies seek input on how the financial institutions are using AI in their operations such as fraud prevention, personalisation of customer services, credit underwriting and other activities.

A joint statement said: “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.”

Financial institutions, trade associations, consumer groups and other stakeholders can provide their feedback on the subject.

The opinion from the stakeholders will be accepted for 60 days following publication in the Federal Register.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Earlier this year, key US banking majors piloted a new service to support data sharing risk assessment. The initiative seeks to streamline the process of executing agreements with data exchange partners.

The pilot involved several players such as Bank of America, JPMorgan, PNC Bank, TD Bank, Truist, U.S. Bank, Wells Fargo, Finicity and Plaid.