Agencies seek insight on financial institutions’ use of artificial intelligence

March 29, 2021

Five federal financial regulatory agencies, including NCUA and the Consumer Financial Protection Bureau (CFPB), are gathering insight on financial institutions’ use of artificial intelligence (AI). The agencies seek 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.  

In addition to NCUA and the CFPB, the Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) announced the request for information (RFI) to gain input from financial institutions, trade associations, consumer groups, and other stakeholders on the growing use of AI by financial institutions.

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.  

Comments will be accepted for 60 days following publication in the Federal Register.