The US Department of the Treasury is inviting public input on the risks and opportunities associated with the use of AI in financial services.
As financial firms invest heavily in AI technology, regulators are striving to grasp and mitigate the potential risks that accompany its adoption. The Treasury aims to deepen its understanding of AI’s application within the financial sector, alongside the associated opportunities, risks, and barriers to the responsible use of this technology.
This request for information seeks feedback on AI’s impact on consumers, investors, financial institutions, businesses, regulators, and end-users. It also invites recommendations for improvements to legislative, regulatory, and supervisory frameworks.
Comments will be accepted for a period of 60 days, with a particular interest in diverse perspectives on how AI innovations can advance a financial system that promotes inclusive and equitable access to financial services.
Under Secretary for Domestic Finance Nellie Liang remarked, “Treasury is proud to play a key role in spurring responsible innovation, especially in relation to AI and financial institutions. Our ongoing stakeholder engagement enhances our understanding of AI in financial services.”
For those interested in exploring the challenges and opportunities AI presents in the banking sector, consider attending Finextra’s inaugural NextGenAI conference on November 26, 2024. Register your interest here.