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The news: President Biden’s recent executive order regulates the use of AI in banking, consumer finance, and housing to prevent discrimination and privacy violations.
Breaking down the executive order: The President’s executive order underscores the urgent need to oversee AI development responsibly and safely, emphasizing a unified federal approach due to the rapid advancements in AI capabilities.
What’s new for FIs? Banks should anticipate heightened oversight as President Biden’s recent executive order amplifies scrutiny on AI applications.
How can FIs prepare? While federal agencies will issue their own guidance as a result of this executive order, FIs can start preparing for compliance.
First Published on Nov 3, 2023
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