The use of artificial intelligence and machine learning (AI) in the financial sector has become a high priority for the U.S. financial regulators. In a rare event, five of them have joined together to issue a broadly-worded request for information and comment on the use of AI by financial institutions (RFI), which consists of 17 questions for public comment.

The tone and tenor of the questions show that, while the U.S. financial regulators are generally supportive and see the benefits of responsible innovation, they also are focused on how AI can be misused or produce an unintended, illogical, incorrect, or biased result, either for customers or the financial institution. The RFI should be viewed as a prelude to future rule makings, guidance and enforcement actions.