The Treasury Department issued a request for information June 6 on the uses, opportunities and risks of artificial intelligence in the financial sector.
“Treasury is interested in gathering information from a broad set of stakeholders in the financial services ecosystem, including those providing, facilitating, and receiving financial products and services, as well as consumer and small business advocates, academics, nonprofits, and others,” the department said in its request for information.
Specifically, the Treasury Department is looking to learn more about how financial institutions are using AI, which includes the risks and opportunities associated with developments and applications of AI.
“Treasury is proud to be playing a key role in spurring responsible innovation, especially in relation to AI and financial institutions,” said Nellie Liang, Treasury’s undersecretary for domestic finance, in a June 6 news release. “Our ongoing stakeholder engagement allows us to improve our understanding of AI in financial services. The Biden administration is committed to fostering innovation in the financial sector while ensuring that we protect consumers, investors and our financial system from risks that new technologies pose.”
In a March report, the Treasury said financial institutions are increasingly vulnerable to cybersecurity attacks fueled by AI, and firms should take steps to manage those risks. The department developed that report in response to President Joe Biden’s executive order, which called on the treasury secretary to issue best practices for financial firms to manage AI-related cybersecurity risks.
In requesting more information on AI, the department “is particularly interested in understanding how AI innovations can help promote a financial system that delivers inclusive and equitable access to financial services,” according to the news release.
Comments on the RFI can be submitted electronically via the Federal eRulemaking Portal and will be made publicly available. The Treasury Department is requesting comments be made within 60 days.
