cover image: RE: Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the

20.500.12592/5u8glb5

RE: Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the

12 Aug 2024

The RFI asks for stakeholders to provide information on “potential opportunities and risks related to the use of AI in financial services.”6 Throughout our report and in response to this RFI, we highlight potential risks associated with the use of AI in the financial sector, including but not limited to:7 Prevention of access to financial services: AI-powered systems may prevent consumers from acc. [...] Specifically, in this report, these agencies include the Treasury Department, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Commodity Futures Trading Commission, the National Credit Union Administration, the Securities and Exchange Commission (SEC), the Consumer Financial Protection Bureau, the Fi. [...] The definition of “automated systems” is used in the AI Bill of Rights in conjunction with a two-part test to help determine the appropriate scope, including the critical impact of the use of the AI or automated system. [...] Question 6 Question 6: To what extent are a particular financial institution's AI models and tools connected to other financial institutions' models and tools? What are the benefits and risks to financial institutions and consumers when the AI models and tools are interconnected among financial institutions?”14 The concentration of advanced foundation models and commercial cloud computing in a han. [...] ● Under the Gramm-Leach-Bliley Act, we propose that the Office of the Comptroller of the Currency and the other relevant agencies: ○ Require third-party AI audits for all institutions; ○ Require red-teaming of AI for the largest institutions; and ○ Require disclosure of annual resources on AI cybersecurity and AI risk management and compliance.
Pages
12
Published in
United States of America

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