The U.S. Department of the Treasury has issued a request for information (RFI) on the uses, opportunities, and risks of artificial intelligence (AI) in the financial services sector. This initiative builds on Treasury’s recent work concerning cybersecurity and fraud in AI, as well as initiatives by other federal agencies. The department is seeking public input on how AI is being utilized within the financial services industry and the potential benefits and risks associated with its development and application.
“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,” said Under Secretary for Domestic Finance Nellie Liang. “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.”
Through this RFI, Treasury aims to enhance its comprehension of AI’s current use within the financial services sector. The department seeks insights into both opportunities and risks posed by AI developments, including potential challenges for facilitating responsible use of AI within financial institutions. It also aims to understand the extent of impact on consumers, investors, businesses, regulators, end-users, and any other entities affected by financial institutions’ use of AI.
Treasury is particularly interested in recommendations for improving legislative, regulatory, and supervisory frameworks applicable to AI in financial services. Additionally, it seeks perspectives on how AI innovations can promote a more inclusive and equitable access to financial services.
Members of the public are encouraged to submit comments within 60 days. All responses will be publicly viewable on www.regulations.gov.
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