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Dissecting Treasury's Call For Input On AI In Financial Sector

26 July 2024

On June 6, the U.S. Department of the Treasury released a request for information seeking comment on financial institutions' use of artificial intelligence and the potential benefits and challenges AI may pose to the financial services sector. While the RFI encompasses a broad range of AI use cases, it is particularly focused on the opportunities and risks associated with emerging AI technologies used by the financial sector, including natural language processing, image recognition and generative AI. The questions address current and future uses, along with legislative, regulatory or supervisory actions that could foster innovation and promote responsible development and use of AI in the financial sector. Comments are due Aug. 12.

Mark Brennan, Katy Milner, and Ryan Thompson outline the RFI, which seeks information about the opportunities and risks presented by AI developments, including advancements in existing AI, as well as emerging technologies such as generative AI and large language models, and also the scope AI use in the financial services sector.

Read the law360 article.