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.
OLA Comment: Small Business Lending Data Collection Under the Equal Credit Opportunity Act (Regulation B) Docket No. CFPB 2021-0015