The U.S. Department of the Treasury recently issued a request for information (RFI) seeking public input on the use of artificial intelligence (AI) by financial institutions. This is a critical opportunity for banks, credit unions, fintechs and other stakeholders to provide insights that will inform future regulations and guidance around AI.The RFI aims to gather feedback on the current and planned deployment of AI in areas like banking, lending, financial crime, risk management, modeling, payments, and more. It also seeks to understand the potential risks of AI usage, such as bias, privacy, lack of explainability, and consumer protection concerns.Importantly, the Treasury is also looking for perspectives on how AI could help promote more inclusive, equitable, and fair access to financial services and credit opportunities.
Why You Should Provide Comments
As a leading payments consulting firm, we encourage our clients and partners in the financial services industry to submit comments in response to this RFI. Here are three key reasons why:
- Shape AI Governance Frameworks: Your input will directly contribute to shaping policies, regulations and best practices around safe and responsible AI adoption by financial institutions.
- Highlight AI's Potential Benefits: This is an opportunity to showcase how AI could expand access to banking services, improve credit decisioning, and create more personalized customer experiences if deployed responsibly.
- Raise Awareness of Key Risks: You can elevate awareness of the unique challenges AI poses, such as bias, privacy violations, "black box" decisions, and the need for human oversight.
How to Submit Comments
The RFI is open for public comments for 60 days. Comments can be submitted electronically via the regulations.gov website.As AI rapidly transforms financial services, it's critical that industry leaders engage with regulators to ensure innovation occurs in a safe, ethical, and inclusive manner. We urge you to make your voice heard by providing thoughtful responses to this RFI.