The U.S. Department of the Treasury released a request for information (RFI) on artificial intelligence (AI) in the financial services sector.
The RFI is seeking to better understand how AI is being used within the financial services sector and the opportunities and risks presented by developments and applications of AI within the sector. This includes the potential obstacles for facilitating responsible use of AI within financial institutions, as well as the extent of impact on consumers, investors, financial institutions, businesses, regulators, end-users, and any other entity impacted by financial institutions’ use of AI.
Treasury is also seeking recommendations for enhancements to legislative, regulatory, and supervisory frameworks applicable to AI in financial services.
“Treasury is proud to be playing a key role in spurring responsible innovation, especially in relation to AI and financial institutions. Our ongoing stakeholder engagement allows us to improve our understanding of AI in financial services,” Under Secretary for Domestic Finance Nellie Liang said. “The Biden Administration is committed to fostering innovation in the financial sector while ensuring that we protect consumers, investors, and our financial system from risks that new technologies pose.”
Treasury is seeking a broad range of perspectives on this topic. The agency is particularly interested in understanding how AI innovations can help promote a financial system that delivers inclusive and equitable access to financial services.
Members of the public are encouraged to submit comments within 60 days. Comments responding to this RFI are publicly viewable.