Request For Information Pertaining to the use of Artificial Intelligence and Machine Learning by Financial institutions.

OLA Comment Letter in response to Request For Information Pertaining to the use of Artificial Intelligence and Machine Learning by Financial institutions.

OLA responded to a Request For Information (RFI) issued by a group of financial regulators (Federal Reserve, CFPB, FDIC, NCUA, OCC) seeking information on how financial institutions utilize artificial intelligence and machine learning (AI/ML).  Comments concentrated on the role that OLA members play as bank third party vendors covering areas including AI/ML modeling, cybersecurity, fair lending as well as outlining some of the potential barriers that are limiting financial institutions use of AI/ML.

Read the full comment here.