The U.S. Department of the Treasury (Treasury) has issued a report following the release of its 2024 Request for Information (RFI) on the uses, opportunities and risks of artificial intelligence (AI) in financial services, which summarizes key themes from respondent comments and recommends several next steps . The report highlights the growing use of AI across the financial sector and highlights the potential for AI – including generative AI – to expand opportunities while amplifying certain risks, such as related to data privacy, bias and third-party vendors. The report builds on the Treasury’s work on AI-related cybersecurity risks in the financial sector, including its March 2024 report.
“Through this AI RFI, Treasury continues to collaborate with stakeholders to deepen its understanding of the current uses, opportunities, and risks associated with AI in the financial sector,” said the Under Secretary for Finance. domestic finance, Nellie Liang. “The Biden Administration believes that continued stakeholder engagement like this is important to fostering innovation in financial services while mitigating potential risks.
The report released today outlines potential next steps for consideration by the Treasury, government agencies and the financial services sector. More specifically, the report recommends:
- Continue international and domestic collaboration between governments, regulators and the financial services sector to promote consistent and robust standards for the use of AI in the financial services sector;
- Further analysis and stakeholder engagement to explore solutions to possible gaps in existing regulatory frameworks and to address the potential risk of AI causing harm to consumers;
- Financial regulators continue to coordinate to identify potential improvements to existing risk management frameworks and work with other government agencies to clarify expectations for oversight on the application of frameworks and standards, where appropriate;
- The financial services industry and government agencies are further facilitating the sharing of AI information specific to financial services, alongside the AI Cybersecurity Forum recommended in the Treasury’s AI Cybersecurity Report, to develop data standards, share risk management best practices, and improve understanding of emerging AI technologies in financial services. ; And
- Financial companies prioritize reviewing AI use cases for compliance with applicable laws and regulations prior to deployment and periodically reassess compliance as necessary.
The Treasury published the RFI AI on June 12, 2024 and received 103 comment letters in response from various stakeholders, including financial companies, consumer advocacy groups, technology providers, fintech companies, trade associations and consulting firms.
View full report.
See the AI RFI press release.
Source: US Treasury
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