Washington, DC, July 1, 2021 – In response to the request for Information and Comment on Financial Institutions’ Use of Artificial Intelligence, Including Machine Learning, the FTA summitted a comment letter to the Federal Reserve, Federal Deposit Insurance Corporation (FDIC) , Office of the Comptroller of the Currency (OCC) , Consumer Financial Protection Bureau (CFPB) and National Credit Union Administration (NCUA):

The Financial Technology Association (FTA) appreciates this opportunity to respond to this multi-agency request for information regarding the use of artificial intelligence (AI) and machine learning (ML) in financial services (the “RFI”). As outlined in the request, AI/ML holds substantial promise in increasing the efficiency, accuracy, and capabilities of a broad number of important financial services and compliance functions and activities, but also requires clear understanding and guideposts for both the firms that leverage such tools and the regulators that oversee them. This RFI can help to drive further responsible adoption of AI/ML tools, while informing ways to mitigate identifiable risks.