The U.S. Department of the Treasury has announced the completion of a significant public-private initiative aimed at improving cybersecurity and risk management for artificial intelligence (AI) within the financial services sector. This effort supports the President’s AI Action Plan.
Throughout February, Treasury will publish six resources developed in collaboration with industry representatives and federal and state regulatory partners. These materials are intended to help ensure secure and resilient use of AI across the U.S. financial system.
Secretary of the Treasury Scott Bessent stated, “As this Administration has made clear, it is imperative that the United States take the lead on developing innovative uses for artificial intelligence, and nowhere is that more important than in the financial sector. This work demonstrates that government and industry can come together to support secure AI adoption that increases the resilience of our financial system.”
The Artificial Intelligence Executive Oversight Group (AIEOG), which includes members from both the Financial and Banking Information Infrastructure Committee and the Financial Services Sector Coordinating Council, led this initiative. The group brought together senior executives from financial institutions, regulators at both federal and state levels, as well as other stakeholders to address gaps in how AI is used in finance. Their goal was to create practical tools for managing cybersecurity risks specific to AI while encouraging innovation.
Cory Wilson, Deputy Assistant Secretary of the Treasury for Cybersecurity and Critical Infrastructure Protection, said, “Treasury brought public- and private-sector partners together to develop practical tools that can effect real change in the financial sector through the AIEOG. These resources are designed to help institutions, particularly small and mid-sized institutions, harness the power of AI to strengthen cyber defenses and deploy AI more securely.”
The deliverables from AIEOG will be released incrementally during February. The group’s work covers areas such as governance, data practices, transparency, fraud prevention, and digital identity management within an integrated framework. The focus is on providing actionable guidance rather than strict regulations so that financial institutions can adopt AI technologies securely while maintaining operational resilience.
William S. Demchak, PNC Chairman & CEO and an executive member of AIEOG, commented: “Through our public-private partnership, FSSCC and Treasury have taken an important step to address complex challenges posed by AI. By clearly identifying and addressing the associated risks, financial institutions—regardless of size—are now positioned to harness the full power of this transformative technology, driving innovation and value for their clients while strengthening multiple facets of their organizations.”
This initiative aligns with efforts under the President’s AI Action Plan by focusing on enhancing security around AI data, infrastructure, and models within finance; promoting best practices for deploying secure AI; and supporting global adoption of American-developed AI systems.
