Artificial intelligence and Its Use In Finance and Banking: RFI In The United States

Artificial intelligence and Its Use In Finance and Banking: RFI In The United States

The agencies support responsible innovation by financial institutions that includes identifying and managing risks associated with the use of new technologies. With appropriate governance, risk management, and compliance, the use of innovative technologies by financial institutions, such as those involving artificial intelligence, have the potential to enhance business decision making and improve the services available to consumers and businesses

The massive use of Artificial Intelligence systems is beginning to strongly affect the financial sector. It is no coincidence that a number of organizations that regulate finance in the United States have launched an RFI (request for information), which will expire on June 1st, to indicate the key points to be resolved. The promoters of this initiative, entitled “Request for Information and Comment on Financial Institutions’ Use of Artificial Intelligence, Including Machine Learning ”, are: the CFPB, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation (FDIC) which deals with bank deposits and supervises them, the Office of the Comptroller of the Currency, the Federal Reserve Board, and the National Credit Union Administration, which supervises the US rural banks

artificial-intelligence banking finance machine-learning data-science

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