US Treasury Department Seeks Public Input on AI in Financial Services

The Department of the Treasury is seeking public feedback on the uses, opportunities and risks of artificial intelligence in the financial services sector.

A request for information posted by the department builds on its recent cybersecurity and fraud prevention efforts and aligns with actions by other federal agencies.

Through the RFI, insights will be gathered on how AI is currently employed in the financial sector, the benefits and risks involved and potential challenges to its responsible use, the Treasury Department said.

Additionally, the department seeks perspectives on AI’s impact on various stakeholders, including consumers, investors, businesses and regulators, and recommendations for improving legislative and regulatory frameworks.

Nellie Liang, undersecretary for domestic finance, said the Treasury Department aims to drive responsible AI innovation in financial institutions. She emphasized the Biden administration’s commitment to both technological advancement and consumer protection in the financial sector.

The public can submit their comments within 60 days.