In an effort to allow more time to coordinate and prepare comments, five federal financial regulatory agencies, including the NCUA, announced they will extend the comment period on the request for information on financial institutions’ use of artificial intelligence until July 1, 2021.
The agencies, which also include the FDIC, CFPB, Federal Reserve and OCC, are seeking information from the public on how financial institutions use artificial intelligence in their activities, including fraud prevention, personalization of customer services, credit underwriting and other operations.
Specifically, the agencies are seeking comments to better understand the use of AI, including:
- machine learning by financial institutions;
- appropriate governance, risk management and controls over AI; and
- challenges in developing, adopting and managing AI.
The request for information and comment on financial institutions’ use of artificial intelligence can be accessed on the NCUA website.