FI regulators seek feedback on AI use
Federal financial regulators – including the NCUA – Monday issued a request for information (RFI) seeking insights into financial institutions’ use of artificial intelligence (AI) and machine learning. NAFCU recognizes how these technologies can help improve credit unions’ operations and service to members but has cautioned against an unlevel playing field that allows fintech companies to operate without proper oversight.
- appropriate governance, risk management, and controls over AI;
- challenges in developing, adopting, and managing AI; and
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