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Financial Institution Letter

Banker Webinar: Banks’ Use of Artificial Intelligence, including Machine Learning

November 30, 2020
Notes
 

Summary:

The Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (the Agencies) will conduct an Ask the Regulators webinar event for their supervised institutions on the use of artificial intelligence (AI), including machine learning (ML) on Wednesday, December 16, 2020, at 1:00 p.m. EST. The Consumer Financial Protection Bureau (CFPB) will also participate.

Statement of Applicability: This Financial Institution Letter (FIL) applies to all FDIC-supervised financial institutions.

Highlights:

  • During the “Ask the Regulators: Banks’ Use of Artificial Intelligence, including Machine Learning” webinar, the Agencies, with the CFPB, will discuss issues and common questions raised about banks’ use of AI/ML, including risk management and controls, data usage, explainability and transparency, independent review, and consumer protection considerations. The Agencies will also highlight several existing laws, regulations, supervisory guidance, and other resources that may be relevant to AI/ML usage.
  • During the session, the Agencies will respond to questions submitted in advance from bankers. Please email questions in advance of the session to asktheregulators@stls.frb.org . Questions received by December 9 will receive priority.
  • Participants must preregister for the event.
  • We strongly encourage participants to use the webinar audio on their computer for the best experience.
  • Webinar materials will be archived at www.askthefed.org for future viewing.

Distribution:

FDIC-Supervised Institutions

Suggested Routing:

Chief Executive Officer
Chief Financial Officer
Compliance Officer
Chief Risk Officer

Additional Related Topics:

  • Consumer Protection
  • Model Risk Management
FIL-109-2020

Last Updated: November 30, 2020