Agencies Extend Comment Period for RFI on Financial Institutions’ Use of AI

The Federal Reserve Board, CFPB, FDIC, NCUA, and OCC (collectively, the Agencies) recently extended the deadline to submit comments in connection with the Agencies’ request for information (RFI) on financial institutions’ use of artificial intelligence (AI), which was published in the Federal Register on March 31, 2021, from June 1, 2021 to July 1, 2021.

The Agencies issued the RFI to, among other things, obtain respondents’ views on “financial institutions’ use of AI in their provisions of services to customers and for other business or operational purposes; appropriate governance, risk management, and controls over AI; and any challenges in developing, adopting, and managing AI.”  The Agencies explained that commenters were concerned that the original deadline would not have provided sufficient time to analyze and respond to the RFI due to, in part, the complex technical nature of AI.