Comments Due to NAFCU: NCUA - Artificial Intelligence
NAFCU would like to highlight the following:
- The RFI covers a wide range of topics associated with AI, including how these technologies are being used for consumer services and business purposes. Respondents are asked to share their views about appropriate governance, risk management, and controls over AI; and any challenges in developing, adopting, and managing AI.
- The RFI asks whether the agencies should clarify any aspects concerning the use or management of AI to enable financial sector participants to deploy AI in a safe and sound manner and in compliance with consumer protection regulation.
- The RFI specifically requests comment on how financial institutions are addressing challenges associated with AI “explainability” (i.e., the conceptual soundness of the underlying model) and what methods exist for validating the soundness of AI output.
Comments due to NAFCU: May 14, 2021
Comments due to NCUA: June 1, 2021
NAFCU will send comments on behalf of its members to the NCUA by their deadline (May 14, 2021).