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Financial Institution Letter

Extension of Comment Period for Request for Information on Artificial Intelligence and Machine Learning

May 17, 2021  |  FIL-34-2021

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) are extending the comment period for the Request for Information (RFI) on the use of artificial intelligence (AI), including machine learning (ML), by financial institutions until July 1, 2021. The RFI was published in the Federal Register on March 31, 2021, with comments due by June 1, 2021.

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

Highlights:

  • On March 31, 2021, the agencies published in the Federal Register an RFI on financial institutions’ use of AI, including ML.
  • 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 ML, by financial institutions; appropriate governance, risk management, and controls over AI; and challenges in developing, adopting, and managing AI.
  • The agencies are extending the comment period for the RFI until July 1, 2021, to allow stakeholders more time to coordinate and prepare their comments, which were originally due by June 1, 2021.

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