The financial services industry is at the cutting edge of the utilization of artificial intelligence (AI) and machine learning (ML) tools. Regulators want to understand how these technologies are being used—or misused.
Five federal banking regulators—the Federal Reserve, Consumer Financial Protection Bureau, Federal Deposit Insurance Corp., National Credit Union Administration, and Office of the Comptroller of the Currency—issued a request for information (RFI) late last month regarding the use of AI and ML tools by banks and other financial service providers like FinTechs.
