The Treasury Department is in search of feedback from the general public about the usage of synthetic intelligence (AI) in the monetary companies sector.
The company launched a request for information on Thursday (June 6) and mentioned it encourages the submission of feedback inside 60 days, based on a Thursday press release.
The request for data encompasses “makes use of, alternatives and dangers of synthetic intelligence in the monetary companies sector.”
“Treasury is proud to be enjoying a key position in spurring accountable innovation, particularly in relation to AI and monetary establishments,” Nellie Liang, beneath secretary for home finance, mentioned in the discharge. “Our ongoing stakeholder engagement permits us to enhance our understanding of AI in monetary companies.”
The company goals to find out how AI is getting used in the sector, what alternatives and dangers it presents, what obstacles are slowing the accountable use of AI, and what enhancements will be made to legislative, regulatory and supervisory frameworks, based on the discharge.
The Treasury Division is particularly in studying how AI can be utilized to ship inclusive and equitable entry to monetary companies, per the discharge.
“The Biden administration is dedicated to fostering innovation in the monetary sector whereas guaranteeing that we defend customers, buyers and our monetary system from dangers that new applied sciences pose,” Liang mentioned in the discharge.
Comments submitted in response to the request for data will likely be publicly viewable on www.regulations.gov.
This announcement comes on the identical day that Treasury Secretary Janet Yellen instructed attendees at a convention that the fast evolution of AI presents each dangers and alternatives for financial institutions.
In excepts from Yellen’s speech launched earlier than her look Thursday on the Financial Stability Oversight Council (FSOC) 2024 Conference on Artificial Intelligence & Financial Stability, Yellen mentioned, “The large alternatives and vital dangers related to the usage of AI by monetary firms has moved this difficulty towards the highest of Treasury’s and the Financial Stability Oversight Council’s agendas.”
PYMNTS Intelligence has discovered that 83% of bank executives are eyeing generative AI with each hope and hesitation.
Whereas the know-how is quickly gaining traction in the monetary companies sector, executives fear concerning the danger of spreading monetary misinformation and exposing delicate knowledge to safety breaches, based on “Banking on AI: Financial Services Sector Harnesses Generative AI for Security and Service,” a PYMNTS Intelligence and AI-ID collaboration.
