Several agencies announced they have extended the comment period for the request for information issued on financial institutions’ use of artificial intelligence (AI). The agencies are the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board of Governors, the Federal Deposit Insurance Corp. (FDIC), Consumer Financial Protection Bureau (CFPB), and the National Credit Union Administration (NCUA).
In response to requests to extend the comment period, interested parties will now have until July 1, 2021 to submit their answers to the NCUA, CFPB, the Federal Reserve, and the OCC. The FDIC will receive responses until July 16, 2021.
“Banks are increasingly exploring several roles in the emerging digital asset ecosystem, and consumers are beginning to seek access to digital assets products and services, such as being custodians, reserve holders, issuers, and exchange or redemption agents; performing node functions; and holding digital asset issuers’ money deposits,” the FDIC stated. “The FDIC recognizes there are novel and unique considerations related to digital assets. This RFI is intended to help inform the FDIC’s understanding and any potential policymaking in this area.”
The agencies are requesting input from financial institutions on their use of AI and machine learning in providing services to customers and for other business or operational purposes, appropriate governance, risk management, and controls over AI, and any challenges in developing, adopting and managing AI.
“The RFI also solicited respondents’ views on the use of AI in financial services to assist in determining whether any clarifications from the agencies would be helpful for financial institutions’ use of AI in a safe and sound manner and in compliance with applicable laws and regulations, including those related to consumer protection,” the NCUA stated.