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FDATA North America Submits Comments to US Financial Regulators’ Request for Information on Financial Institutions’ Use of AI and ML

June 29, 2021, Washington, DC – Today, the Financial Data and Technology Association (FDATA) of North America submitted comments to the US financial regulators as part of their Request for Information (RFI) on financial institutions’ use of artificial intelligence (AI), including machine learning (ML). The Federal Reserve, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (NCUA), National Credit Union Administration (NCUA), and Office of the Comptroller of the Currency (OCC) sought comments on the use of AI by financial institutions and their products and services to consumers.

Throughout the submission, FDATA North America Executive Director Steve Boms discussed the importance of embracing new technologies that improve customer experience and foster innovation. Additionally, Boms noted that “as nations around the world adapt to modernized open finance regime in which the consumer and small business have the unfettered ability to access and share their financial data with companies of their choosing, financial institutions and service providers are quickly embracing AI to attract and retain their customers, expand access to credit and improve financial access, and combat financial crime.”

Boms concluded by underscoring that “the promulgation of a legally binding financial data right is a critical first step towards broader deployment of AI-enabled financial tools that can meaningfully improve financial access and wellbeing,” along with more clarity from the agencies regarding the application of existing supervisory expectations on third-party bank partners that utilize AI-enabled tools for various financial products and services.

Image result for paperclip iconFDATA North America Submission to Financial Regulators’ AI/ ML RFI

 


ABOUT FDATA NORTH AMERICA
FDATA was heavily involved in the UK Open Banking Working Group in 2015. In 2016, the working group’s output was published by Her Majesty’s Treasury as the Open Banking Standard. FDATA North America was founded in early 2018. Its members collectively provide tens of millions of consumers in Canada, the United States and Mexico with aggregation-based tools to better manage their finances.

Members include air (Alliance for Innovative Regulation), APImetrics, Betterment, BillGo, Codat, Direct ID, Envestnet Yodlee, EQ Bank, Experian, Fiserv, Flinks, Interac, Intuit, Inverite, Kabbage, Mogo, Morningstsar, M Science, MX, Petal, Plaid, Questrade, Quicken Loans, SaltEdge, Trustly, ValidiFI, VoPay, Wealthica, Xero, and others.

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FDATA North America Submits Comments to US FDIC on Standard Setting and Voluntary Certification Models for Third-Party Providers

FDATA North America Submits Comments to US FDIC on its Request for Information on Standard Setting and Voluntary Certification Models and Third-Party Providers of Technology and Other Services

September 21, 2020, Washington, DC – Today, FDATA North America submitted comments to the US Federal Deposit and Insurance Corporation (FDIC) in response to its Request for Information (RFI) on standard setting and voluntary certification models and third-party providers of technology and other services.

In its comments, FDATA North America praises the FDIC for its support of innovative technology and efforts to enable FDIC-supervised banks and savings associations to utilize technology that will provide their customers with tools and services that can be transformative to their financial health. FDATA North America Executive Director Steve Boms noted that “as the trade association representing firms that currently partner with many small and community banks to provide critical financial wellness tools to millions of Americans, we believe that streamlining the ability for banks to partner with third-party providers will be critical to the survival of small and community banks in the United States and to the financial wellness of their customers.”

Image result for paperclip iconFDATA North America FDIC RFI Submission

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