Agencies Extend Comment Period on Request for Information on Artificial Intelligence

May 2021
Agencies Extend Comment Period on Request for Information on Artificial Intelligence

(May 17, 2021) – 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, 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 agencies extended the comment period to allow stakeholders more time to coordinate and prepare their comments, which were originally due by June 1, 2021.

Attachments
Request for Information

Agency Contact Phone
FDIC Julianne Breitbeil 202.898.6895
CFPB Michael Robinson 202.435.7170
Federal Reserve Chelcee Stearns 202.452.2955
NCUA Joseph Adamoli 703.518.6330
OCC Stephanie Collins 202.649.6870
Last modified on
05/17/21