The U.S. Department of the Treasury released a report following its 2024 Request for Information (RFI) on the Uses, Opportunities, and Risks of Artificial Intelligence (AI) in Financial Services.
This report summarizes key themes from respondent feedback and recommends several next steps. The report emphasizes the growing adoption of AI across the financial sector and highlights its potential to expand opportunities, particularly with Generative AI. However, it also points out the amplified risks associated with data privacy, bias, and reliance on third-party providers. This builds on Treasury’s previous work on AI-related cybersecurity risks in the financial sector, including insights from its March 2024 report.
The report outlines potential next steps for Treasury, government agencies, and the financial services sector, including:
- Promoting international and domestic collaboration to establish robust AI standards in financial services.
- Conducting further analysis and stakeholder engagement to address regulatory gaps and potential consumer harm.
- Enhancing risk management frameworks and clarifying supervisory expectations.
- Facilitating AI information sharing within the financial sector to develop data standards and share best practices.
- Ensuring financial firms review AI use cases for compliance with existing laws and regulations
Treasury published the AI RFI on June 12, 2024, and received 103 comment letters from various stakeholders, including financial firms, consumer advocacy groups, technology providers, financial technology companies, trade associations, and consulting firms.
Click here to read the full press release.
Make Sure Your Financial Institution Clients Have the Right Coverage!
Contact any one of our FI insurance experts below for help in making sure your FI customers have the right coverage from a strong, stable company!
Experts Focused On Your Protection. We Deliver.
| Northeast Region Seth Jainchill 860-466-7363 sjainchill@berkleyfs.com | Southeast Region Nick Zacchio 860-466-7190 [email protected] |
| Central Region Mike Saccone 303-408-9599 [email protected] | West Region Pete Verretto 206-802-3076 [email protected] |
| Underwriting Manager Edward Mongon 212-822-3312 [email protected] | National Marketing Director Scott Mynatt 404-443-2076 [email protected] |
| Vice President, Practice Leader Ryan Wenzel 212-497-3740 [email protected] |