ABA Statement on Treasury’s Request for Information on Artificial Intelligence

“For decades, America’s banks have been leaders in the responsible and innovative use of artificial intelligence. Banks deploy AI applications in a mature governance framework and are examined for compliance in areas including model risk, third party risk, consumer protection, and safety and soundness. 

“ABA looks forward to responding to the Treasury's RFI on AI, and we have previously provided substantial feedback to the National Institute of Standards and Technology as it makes updates to its AI Risk Management Framework. ABA has also worked in close collaboration with Treasury on AI issues, with a particular focus on mitigating cybersecurity and fraud risks to financial institutions and their customers. This collaboration will remain a priority for our industry going forward, as the nation's banks work with policymakers to responsibly harness AI's tremendous potential."