Artificial intelligence (AI) and machine learning (ML) are changing the landscape of decision making at financial institutions and playing an increasingly larger role in determining the types of products and services a customer is offered or denied. The growing use of AI and ML has important consumer protection and fair lending implications for the entire financial marketplace.
Given the widespread impact of AI and ML use, we are glad to see that the Federal Reserve Board, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency (collectively “the Regulators”) are soliciting feedback and examining these issues together through this RFI.