Risks of artificial intelligence is a subject the federal regulator wants its credit unions to weigh in on, according to a release issued by the agency Friday.
The National Credit Union Administration (NCUA) “encouraged” credit unions, credit union service organizations (CUSOs) and third-party vendors to submit comments to the Treasury Department within 60 days. On Thursday, the Treasury issued a request for information (RFI) on the uses, opportunities, and risks of artificial intelligence (AI) in the financial services sector.
Specifically, Treasury said it wants comments on the uses of AI in the financial services sector and the opportunities and risks presented by developments and applications of AI within financial services, including credit unions.
Although NCUA called credit unions to the attention of Treasury’s request, comments are directed to the Treasury Department.
In its notice Thursday, Treasury said it wants to increase its understanding of how AI is being used within financial services and the opportunities and risks presented. That includes potential obstacles for facilitating responsible use of AI within financial institutions, the extent of impact on consumers, investors, financial institutions, businesses, regulators, end-users, and any other entity impacted by financial institutions’ use of AI.
Treasury also wants recommendations for enhancements to legislative, regulatory, and supervisory frameworks applicable to AI in financial services, it said.