Agencies Seek Information on Banks’ Use of AI, Machine Learning

Recognizing the benefits and increasing use of artificial intelligence and machine learning capabilities in financial services, the federal banking agencies are seeking feedback from financial institutions on how they are using these capabilities to provide banking services to consumers or for other business or operational purposes.

The request for information also seeks input on appropriate governance, risk management and controls over AI; challenges in developing, adopting and managing AI and machine learning systems; and benefits to financial institutions and customers. It also asks whether additional regulatory clarifications are needed on the use of AI on a safe and sound manner and in compliance with applicable laws and regulations. Comments are due 60 days after publication in the Federal Register.