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Artificial Intelligence: Request for Information on Financial Institutions’ Use of Artificial Intelligence, Including Machine Learning

March 31, 2021 / Source: OCC

OCC Bulletin 2021-17| March 31, 2021

To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties

Summary

The Office of the Comptroller of the Currency (OCC) and other members of the Federal Financial Institutions Examination Council are requesting information on financial institutions' use of artificial intelligence, including machine learning. The request seeks information to understand respondents' views on the use of artificial intelligence when providing financial services to customers and for other business or operational purposes. The request also seeks respondents' views on appropriate governance, risk management, and controls over artificial intelligence, and any challenges in developing, adopting, and managing artificial intelligence approaches. Comments on the request for information, which was published in the Federal Register on March 31, 2021, are due by June 1, 2021.

Note for Community Banks

Community banks1 may submit comments to the request for information.

Highlights

The request for information invites comments on such topics as

  • explainability.
  • risks from broader or more intensive data processing and usage.
  • overfitting.
  • cybersecurity risk.
  • dynamic updating.
  • community banks' use of artificial intelligence.
  • oversight of third parties.
  • fair lending.

Respondents' comments will help the agencies determine whether it would be beneficial to provide supervisory clarification regarding banks' use of artificial intelligence.

Further Information

Please contact Norine Richards, Director for Bank Information Technology Policy, Bank Supervision Policy, at (202) 649-6550; Maggie Colvin, Innovation Officer, Office of Innovation, at (202) 649-5200; or Jorge D. Aguilar, Counsel, Chief Counsel's Office, at (202) 649-5490.

Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Supervision Policy

Related Link

1“Banks” refers collectively to national banks, federal savings associations, and federal branches and agencies of foreign banking organizations.

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