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Financial Institution Letter

Request for Information on Artificial Intelligence

March 29, 2021  |  FIL-20-2021

Summary:

The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, and the National Credit Union Administration (the agencies) issued a Request for Information (RFI) seeking information and comments on the use of artificial intelligence (AI) by financial institutions. 

Statement of Applicability: This Financial Institution Letter (FIL) applies to all FDIC-supervised financial institutions.

Highlights:

  • The agencies issued a RFI seeking information and comments from interested parties to better understand:  the use of AI 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.
  • The agencies support responsible innovation by financial institutions.  Use of new technologies, such as AI, has the potential to augment decision-making and enhance services available to consumers and businesses.  Likewise, as with any activity or process in which a bank engages, identifying and managing risks are key.    
  • The FDIC encourages comments from all interested parties by 60 days from publication in the Federal Register.

Distribution:

FDIC-Supervised Institutions

Suggested Routing:

Chief Executive Officer
Chief Risk Officer
Compliance Officer
Chief Information Officer
Chief Technology Officer

Related Topics:

Consumer Protection
Model Risk Management