A press release from the OCC features their Deputy Comptroller Kevin Greenfield testifying before the House Financial Services Committee Task Force on Artificial Intelligence (AI). It was held on May 13 which he discusses on the responsible innovation approach, regulatory compliance, and its supervisory expectations of bank's use of AI.
It is interesting how AI can be an advantage for banks in strengthening their safety and soundness, consumer protection, and fair access to products and services. There are disadvantages of AI tools because it may pose risks such as faulty data. Read the full briefing through the link provided and stay updated with releases by following or contacting TCFS & Associates.
https://www.occ.gov/news-issuances/news-releases/2022/nr-occ-2022-52.html