“We applaud the Department of the Treasury on their concerted and pragmatic approach towards ensuring the development of responsible artificial intelligence (AI) technologies in the financial services industry. Yesterday’s issuance of the Department’s Compliance Plan for AI (attached), builds on the existing efforts conducted by the Agency in a manner that exemplifies the thoughtful approach that AFC advocates for within all policy and regulatory areas.

Particularly, AFC recognizes and appreciates the focus that the Department has placed within its Compliance Plan on advancing innovation by removing barriers to the responsible use of AI and engaging in recruitment and training efforts that will help Treasury’s employees understand and use AI technologies in their work.

The Department has worked to harmonize AI requirements across the Federal landscape through a deep commitment towards sharing best practices and collaborating with relevant stakeholders. Further, the Department’s focus on a risk-based framework and using all manner of tools within its regulatory toolkit, including waiver programs, to manage risks from the use of AI while not stymieing innovation mirrors the principles that AFC continues to advocate for in this space.

AFC is greatly encouraged by the continued pragmatic approach towards AI that is exemplified in its Compliance Plan. We look forward to our continued engagement with the Department on these and other important issues.”