- U.S. Department of Treasury issued a Request for Information (RFI) regarding Artificial Intelligence (AI) in Financial Services.
- Emphasizes understanding uses, opportunities, and risks of AI in finance, building on cybersecurity and fraud initiatives.
- Under Secretary Nellie Liang highlights commitment to responsible innovation and stakeholder engagement.
- RFI seeks insights on AI’s impact, obstacles to responsible use, and recommendations for regulatory frameworks.
- Focuses on promoting financial inclusion and equity while safeguarding consumers and investors.
Main AI News:
The U.S. Department of Treasury recently unveiled a Request for Information (RFI) delving into the realm of Artificial Intelligence (AI) within the Financial Services Sector. This move, building upon previous endeavors addressing cybersecurity and fraud in AI, signifies a concerted effort to understand and navigate the dynamic landscape of AI applications in finance.
In a statement, Under Secretary for Domestic Finance Nellie Liang emphasized Treasury’s commitment to fostering responsible innovation, particularly concerning AI’s intersection with financial institutions. Liang stated, “Our ongoing stakeholder engagement allows us to improve our understanding of AI in financial services,” underlining the importance of collaboration in navigating this evolving terrain.
Through the RFI, Treasury aims to deepen its comprehension of AI’s current and potential uses within finance, as well as the accompanying opportunities and risks. Of paramount interest are insights into how AI can be leveraged to advance financial inclusion and equity, while simultaneously safeguarding consumers, investors, and the integrity of the financial system.
Key areas of inquiry include identifying obstacles to the responsible deployment of AI in financial institutions, assessing the impact on various stakeholders, and soliciting recommendations for legislative and regulatory frameworks. Treasury seeks a diverse array of perspectives to inform its approach, recognizing the multifaceted implications of AI adoption in financial services.
Conclusion:
The U.S. Treasury’s inquiry into AI’s role in financial services underscores a pivotal moment for the market. By soliciting input on AI’s applications, risks, and opportunities, Treasury aims to shape regulatory frameworks that foster innovation while mitigating potential harms. This proactive approach signals a recognition of AI’s transformative potential and a commitment to ensuring its responsible integration within the financial sector.
