The U.S. Department of the Treasury has issued a request for information on the uses, opportunities, and risks of artificial intelligence (AI) in the financial services sector. Building on its recent work on cybersecurity and fraud in AI, as well as recent work by other Federal agencies, the Department of the Treasury is seeking public comment on uses of AI in the financial services sector, and the opportunities and risks presented by the development and application of AI in the financial services sector.
“The Treasury Department is proud to play a key role in fostering responsible innovation, particularly as it relates to AI and financial institutions, and our ongoing stakeholder engagement allows us to deepen understanding of AI in financial services,” said Under Secretary of the Treasury for Domestic Affairs Nellie Liang. “The Biden Administration is committed to fostering innovation in the financial sector while ensuring that consumers, investors, and the financial system are protected from the risks posed by new technologies.”
Through this RFI, Treasury seeks to gain a better understanding of how AI is being used in the financial services sector, and the opportunities and risks presented by the development and application of AI in the financial services sector, including potential obstacles to promoting responsible use of AI in financial institutions, the scope of impacts on consumers, investors, financial institutions, companies, regulators, end users and other parties affected by financial institutions' use of AI, and recommendations for strengthening the legislative, regulatory and supervisory framework applicable to AI in financial services. Treasury is seeking a broad range of perspectives on this topic and is particularly interested in understanding how AI innovations can help promote a financial system that achieves inclusive and equitable access to financial services.
The public has 60 days to submit comments. Comments on this request for information will be made publicly available at www.regulations.gov.
Source: Ministry of Finance
