(May 17, 2021) – Five federal financial regulatory agencies announced today they will extend the comment period on the request for information on financial institutions’ use of artificial intelligence (AI) until July 1, 2021.
The agencies are seeking information from the public on how financial institutions use AI in their activities, including fraud prevention, personalization of customer services, credit underwriting, and other operations. 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; and challenges in developing, adopting, and managing AI.
The agencies extended the comment period to allow stakeholders more time to coordinate and prepare their comments, which were originally due by June 1, 2021.
Attachments
Request for Information (Opens new window)
| Agency |
Contact |
Phone |
Agency FDIC |
Contact Julianne Breitbeil |
Phone 202.898.6895 |
Agency CFPB |
Contact Michael Robinson |
Phone 202.435.7170 |
Agency Federal Reserve |
Contact Chelcee Stearns |
Phone 202.452.2955 |
Agency NCUA |
Contact Joseph Adamoli |
Phone 703.518.6330 |
Agency OCC |
Contact Stephanie Collins |
Phone 202.649.6870 |
Agencies Extend Comment Period on Request for Information on Artificial Intelligence
(May 17, 2021) – Five federal financial regulatory agencies announced today they will extend the comment period on the request for information on financial institutions’ use of artificial intelligence (AI) until July 1, 2021.
The agencies are seeking information from the public on how financial institutions use AI in their activities, including fraud prevention, personalization of customer services, credit underwriting, and other operations. 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; and challenges in developing, adopting, and managing AI.
The agencies extended the comment period to allow stakeholders more time to coordinate and prepare their comments, which were originally due by June 1, 2021.
Attachments
Request for Information (Opens new window)