May 17, 2021
Agencies extend comment period on request for information on artificial intelligence
- Board of Governors of the Federal Reserve System
- Consumer Financial Protection Bureau
- Federal Deposit Insurance Corporation
- National Credit Union Administration
- Office of the Comptroller of the Currency
For release at 2:00 p.m. EDT
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, & 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, & controls over AI; & challenges in developing, adopting, & managing AI.
The agencies extended the comment period to allow stakeholders more time to coordinate & prepare their comments, which were originally due by June 1, 2021.
May 17, 2021
Source: Federal Reserves
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