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CFPB RIN: 3170-AB03 Publication ID: Fall 2021 
Title: Artificial Intelligence 

Financial institutions are increasingly exploring deployment of artificial intelligence (AI), including a subset of AI, machine learning (ML), across a range of functions affecting consumers and small businesses.  Although use of AI holds the potential to expand credit access to underserved consumers and lower costs, use of such technologies may also hold risks, including risks of unlawful discrimination and lack of transparency.  Issues concerning the use of AI and how it may apply in the context of the Bureau’s consumer financial services statutes and regulations were raised in response to the Bureau’s 2017 Request for Information Regarding Use of Alternative Data and Modeling Techniques in the Credit Process, the Bureau’s 2018 Calls for Evidence, the Bureau’s 2020 Adverse Action Tech Sprint, the Bureau’s 2020 Request for Information on the Equal Credit Opportunity Act and Regulation B, the 2021 Interagency Request for Information on Financial Institutions’ Use of AI, and in other outreach.  Stakeholders have commented on where there may be uncertainty about how use of AI, as well as the data powering AI systems, fit within the Bureau’s consumer financial services statutes and regulations, the intersection of AI and fair lending, and the potential need for further regulation or guidance.  The Bureau recognizes the importance of continuing to monitor the use of AI and identifying regulatory areas ripe for further action.  To that end, the Bureau is evaluating whether rulemaking, a policy statement, or other Bureau action may become appropriate.

Agency: Consumer Financial Protection Bureau(CFPB)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Long-Term Actions 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: Not Yet Determined     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: Not Yet Determined   
Legal Deadline:  None
Action Date FR Cite
Request for Information  02/27/2017  82 FR 11183   
Request for Information  03/21/2018  83 FR 12286   
Request for Information  03/26/2018  83 FR 12881   
Next Action Undetermined  To Be Determined 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Undetermined 
Small Entities Affected: Businesses  Federalism: Undetermined 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Kathryn Lazarev
Office of Regulations
Consumer Financial Protection Bureau
Washington, DC 20552
Phone:202 435-7700