July 1, 2021 – Today Financial Innovation Now submitted comments to federal banking regulators outlining principles for the use of artificial intelligence (AI) in financial services.

FIN states, “We believe that financial institutions can develop and implement best practices to maximize the benefits of AI while effectively mitigating the key risks associated with use of this new technology. Indeed, many financial institutions have already begun carefully implementing AI to enhance existing systems, with the potential for greater use of AI to increase efficiency, effectiveness and fairness.”

FIN’s comment letter is available at: https://downloads.regulations.gov/OCC-2020-0049-0064/attachment_1.pdf

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