WASHINGTON, D.C. –

Artificial intelligence is certainly on the collective radar of the largest federal regulators.

Five federal financial regulatory agencies announced this week that they are gathering insight on financial institutions’ use of AI..

According to a news release, the agencies seek information from the public on how financial institutions use AI in their activities, including fraud prevention, personalization of customer services, credit underwriting and other operations.

The Federal Reserve Board, the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC) announced the request for information (RFI) to gain input from financial institutions, trade associations, consumer groups and other stakeholders on the growing use of AI by financial institutions.

More specifically, the agencies explained the RFI seeks comments to better understand:

— The use of AI, including machine learning, by financial institutions

— Appropriate governance, risk management, and controls over AI

— Challenges in developing, adopting, and managing AI

— Whether any clarification would be helpful

Comments will be accepted for 60 days following publication in the Federal Register.

The RFI can be viewed here.