Financial Regulators Request Feedback On AI And Machine Learning – Technology – United States – Mondaq News Alerts

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  • April 1, 2021
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United States:

Financial Regulators Request Feedback On AI And Machine Learning

01 April 2021

Cadwalader, Wickersham & Taft LLP

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The Federal Reserve Board, the CFPB, the FDIC, the National
Credit Union Administration and the OCC (the “agencies”)
solicited comment on financial institution use
of artificial intelligence (“AI”) and machine learning.
The agencies are seeking information on operational purposes,
governance and cybersecurity, risk management, credit decisions,
and controls over AI, as well as whether the agencies can provide
guidance regarding a financial institution’s use of AI in a
safe and sound manner.

Comments on the request for information must be submitted within
60 days of its publication in the Federal Register.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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Source: https://www.mondaq.com/unitedstates/new-technology/1053300/financial-regulators-request-feedback-on-ai-and-machine-learning