Treasury Issues Request for Information on Uses of AI

Treasury Issues Request for Information on Uses of AI

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On June 6, 2024, the U.S. Department of the Treasury issued a Request for Information (RFI) on the uses, opportunities, and risks of artificial intelligence (AI) in the financial services sector. The RFI seeks input from various stakeholders to improve the Treasury's understanding of AI and consider potential legislative and regulatory enhancements. The gathered information will inform future AI-related initiatives and support formal supervisory processes and enforcement actions. As discussed in more detail in our full client alert, financial institutions should consider submitting comments and information in response to the RFI to ensure that Treasury has broad information about the potential uses and risks of AI as it contemplates additional enhancements to its legislative, regulatory and supervisory frameworks.

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