American Bankers Association Submits AI Policy Recommendations to White House
The ABA argued that the banking sector is already highly regulated and called for updates to existing model risk management guidance.
A Call for Sector-Specific Regulation
The American Bankers Association (ABA) submitted bank-specific recommendations on the policy and regulation of artificial intelligence to the White House Office of Science and Technology Policy (OSTP). In a formal letter, the ABA argued that the banking sector is unique because it is already subject to an extensive compliance regime that covers many of the risks associated with AI.
"Federally regulated financial institutions undergo supervision, examination and enforcement of their use of any technology, including AI," the ABA stated in its letter. The group's recommendations focus on modernizing existing frameworks rather than creating entirely …
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