Comments due on Treasury RFI on use, opportunities, and risks of AI in financial sector

The Treasury Department has released a Request for Information on the Uses, Opportunities, and Risks of Artificial Intelligence (AI) in the Financial Services Sector.

Through this RFI, Treasury seeks to increase its understanding of 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, including potential obstacles for facilitating responsible use of AI within financial institutions, the extent of impact on consumers, investors, financial institutions, businesses, regulators, end-users, and any other entity impacted by financial institutions’ use of AI, and recommendations for enhancements to legislative, regulatory, and supervisory frameworks applicable to AI in financial services. Treasury is particularly interested in understanding how AI innovations can help promote a financial system that delivers inclusive and equitable access to financial services.

UPDATE: Published at 89 FR 50048 in the June 12, 2024, Federal Register, with a comment period ending on August 12, 2024.