Interagency Request for Information on Financial Institutions' Use of Artificial Intelligence, Including Machine Learning (FR Doc. 2021-06607)

Summary

Five agencies (OCC, Federal Reserve Board, FDIC, CFPB and NCUA) jointly asked for comment on how financial institutions use AI, including machine learning: risk management practices, governance and controls, barriers to developing and managing AI, and benefits to institutions and customers. Responses were to help the agencies decide whether clarifications on safe, sound and lawful AI use (including consumer protection and fair lending) would help. The comment deadline was extended from June 1 to July 1, 2021. The June 2024 RFI on AI in financial services was a separate Treasury Department notice, not an update of this one.

Key dates

1. Comments closed July 1, 2021Takes effect
2. March 31, 2021Issued
3. October 16, 2026Checked against sources

Developments are added when the record is reviewed. Next review: October 16, 2027.

Evidence

Each passage is quoted from its source. The quoted passages are re-checked against the live pages every month.

1. A Notice by the Comptroller of the Currency , the Federal Reserve System , the Federal Deposit Insurance Corporation , the Consumer Financial Protection Bureau , and the National Credit Union Administration on 03/31/2021

   Supports: Joint agencies; date

   In this RFI, the agencies are seeking information on financial institutions' risk management practices related to the use of AI

   Supports: Subject

   Request for Information and Comment on Financial Institutions' Use of Artificial Intelligence, Including Machine Learning Federal Register Primary source

2. is extended from June 1, 2021, until July 1, 2021.

   Supports: Comment deadline

   Request for Information and Comment on Financial Institutions' Use of Artificial Intelligence, Including Machine Learning (extension of comment period) Federal Register Primary source

3. A Notice by the Treasury Department on 06/12/2024

   Supports: The 2024 RFI was Treasury's, separate

   Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector Federal Register Primary source

4. the agencies plan to issue in the near future a request for information that addresses model risk management generally and considers, in particular, banks' use of AI

   Supports: Planned follow-up RFI

   Model Risk Management: Revised Guidance (OCC Bulletin 2026-13) Office of the Comptroller of the Currency Primary source