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U.S. banking regulators seek input on firms reliance on AI

By Tanvi Sabharwal

U.S. banking regulators announced that they were soliciting public input on the growing use of artificial intelligence by financial institutions.

They wanted feedback on the use of the technology by banks to police fraud, underwrite loans and for other purposes, and what perks and challenges it presents, regulators said in a joint statement on Monday.

Regulators also sought comment on proper risk management and governance policies around AI, and whether any regulatory clarity would be helpful.

Tags: AI Artificial Intelligence banking U.S. banking regulators

Tanvi Sabharwal

Tanvi Sabharwal is a graduate in Economics with experience in marketing and strategy. A media enthusiast, she has a deep-rooted interest in social policy and development. Tanvi is currently working as a Business and Current Affairs reporter at USAnewshour.com and can be reached at tanvi.sabharwal21@gmail.com