The US Department of the Treasury is seeking public comment on the risks and opportunities posed by the use of AI in financial services.
With financial services firms pumping billions of dollars into harnessing the power of AI, regulators have been scrambling to understand, and guard against, the potential risks associated with the technology.
The Treasury says it wants to increase its understanding of how AI is being used within the financial services sector and the associated opportunities and risks, including potential obstacles to the responsible use of the technology.
The request for information also wants feedback on the extent of AI's impact on consumers, investors, financial institutions, businesses, regulators and end-users. It also calls for recommendations for enhancements to legislative, regulatory, and supervisory frameworks.
Comments can be submitted for 60 days, with the Treasury saying it wants a broad range of perspectives and is particularly interested in understanding how AI innovations can help promote a financial system that delivers inclusive and equitable access to financial services.
“Treasury is proud to be playing a key role in spurring responsible innovation, especially in relation to AI and financial institutions. Our ongoing stakeholder engagement allows us to improve our understanding of AI in financial services,” says Under Secretary for Domestic Finance Nellie Liang.
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