ACA International is seeking member feedback on artificial intelligence programs in the accounts receivable management industry before the July 1 comment deadline.
5/25/2021 11:00
Five federal financial regulatory agencies are gathering insight on financial institutions’ use of artificial intelligence, and ACA International is seeking members’ input on the subject.
The agencies seek information from the public on how financial institutions use artificial intelligence in their activities, including fraud prevention, personalization of customer services, credit underwriting and other operations, according to a news release from the Federal Reserve.
The Federal Reserve Board, Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the Comptroller of the Currency announced the request for information (RFI) to gain input from financial institutions, trade associations, consumer groups and other stakeholders on the growing use of artificial intelligence by financial institutions. More specifically, the RFI seeks comments to better understand the use of artificial intelligence, including machine learning, by financial institutions; appropriate governance, risk management and controls over artificial intelligence; challenges in developing, adopting and managing artificial intelligence; and whether any clarification would be helpful.
ACA members interested in sharing their input can contact Leah Dempsey, vice president and senior counsel of federal advocacy, at [email protected].
Comments are due July 1 and may be submitted online at https://regulations.gov/? by entering Docket ID OCC-2020-0049 in the search box.
Comments may also be mailed or delivered to:
Chief Counsel's Office
Attention: Comment Processing, Office of the Comptroller of the Currency
400 7th Street SW, Suite 3E-218
Washington, D.C., 20219.
View the Federal Register notice here.