Through clear, consistent supervisory guidance combined with useful tools and resources, supervisors can continue to support community banks in their efforts to navigate an increasingly complex world. In pursuit of this goal, in March of this year, the agencies published a request for information on financial institutions’ use of artificial intelligence.
As part of this request for information, the agencies sought details about banks’ challenges in developing, adopting, and using this technology, including those challenges related to third-party services. While we are still reviewing and processing the feedback, initial reactions from Federal Reserve staff indicate that these responses are very helpful in our consideration of next steps.