| Entities | Consumer Financial Protection Bureau (CFPB) (186) Federal Deposit Insurance Corporation (FDIC) (9) |
| Topics and Issues | Machine Learning (7) |
In March 2021, five financial institution agencies filed a Request for Information and Comment on Financial Institutions’ Use of Artificial Intelligence, Including Machine Learning. CDIA filed a comment in connection with this process.
In this notice, the Board of Governors of the Federal Reserve System, the CFPB, the FDIC, the NCUA, and the OCC
are gathering information and comments on financial institutions’ use of artificial intelligence (AI), including machine learning (ML). The purpose of this request for information (RFI) is to understand respondents’ views on the use of AI by financial institutions in their provision of services to customers and for other business or operational purposes; appropriate governance, risk management, and controls over AI; and any challenges in developing, adopting, and managing AI. The RFI also solicits respondents’ views on the use of AI in financial services to assist in determining whether any clarifications from the agencies would be helpful for financial institutions’ use of AI in a safe and sound manner and in compliance with applicable laws and regulations, including those related to consumer protection.