Financial institutions are being asked about how they use artificial intelligence (AI) by five US federal regulatory agencies, which are seeking more detail over how the technology is employed in areas such as fraud prevention, personalised customer services and credit underwriting.
The agencies are seeking feedback from across a wide spectrum of stakeholders including consumer groups and trade associations. More specifically, the agencies are asking about specific areas of AI use such as for machine learning, appropriate governance, risk management, and controls over AI, challenges in developing and managing AI, and whether clarifications over its use would be helpful.
