On 5/17/21, the Federal Reserve, CFPB, FDIC, NCUA, and OCC jointly announced that they extended the comment period on the request for information on financial institutions’ use of artificial intelligence (AI) until July 1, 2021. Comments were originally due by June 1, 2021, but this extension was made to allow stakeholders more time to coordinate and prepare their comments.
From the Federal Reserve’s Release:
“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 Federal Reserve release can be found here.