Agencies Seek Wide Range of Views on Financial Institutions’ Use of Artificial Intelligence

March 2021
Agencies Seek Wide Range of Views on Financial Institutions’ Use of Artificial Intelligence

WASHINGTON (March 29, 2021) – Five federal financial regulatory agencies are gathering insight on financial institutions’ use of artificial intelligence (AI). The agencies seek 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.  

The Federal Reserve Board, the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC) announced the request for information (RFI) to gain input from financial institutions, trade associations, consumer groups, and other stakeholders on the growing use of AI by financial institutions. 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; challenges in developing, adopting, and managing AI; and whether any clarification would be helpful.  

Comments will be accepted for 60 days following publication in the Federal Register.

Attachment: Request for Information and Comment on Financial Institutions’ Use of Artificial Intelligence, including Machine Learning

Agency Contact Phone
Federal Reserve Board Darren Gersh 202.452.2955
CFPB Michael Robinson 202.435.7170
FDIC Julianne Breitbeil 202.898.6895
NCUA Ben Hardaway 703.518.6333
OCC Bryan Hubbard 202.649.6870
Last modified on
03/30/21