US Regulators Seek Input On AI Use In Banking

Law360 (March 29, 2021, 8:33 PM EDT) -- Five federal agencies including the Federal Reserve Board and the Consumer Financial Protection Bureau are seeking public input on financial institutions' use of artificial intelligence, according to a notice posted Monday.

The Federal Deposit Insurance Corp., National Credit Union Administration and Office of the Comptroller of the Currency are also involved in the request for information, according to a joint statement. Specifically, the agencies said they want to better understand the use of AI and its governance, risk management and controls as well as challenges in developing, implementing and managing the technology.

The request for information "also solicits respondents' views on the...

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