ICBA: Agency use of AI could relieve data reporting burden

ICBA offered recommendations for an Office of Management and Budget proposal to establish artificial intelligence governance standards for federal agencies.

Background: The OMB’s proposed memo would establish new agency requirements and guidance for artificial intelligence governance, innovation, and risk management. The proposal includes specific minimum risk management practices for federal agency uses of AI that affect the public’s rights and safety.

ICBA Comments: In a comment letter to the OMB, ICBA said:

  • Agency chief AI officers, which are required under President Joe Biden’s Oct. 30 AI executive order, should collaborate with federal banking regulators’ chief innovation officers.

  • Federal banking regulators should re-establish or re-empower innovation offices that have been dismantled or deprioritized.

  • Federal banking agencies must ensure their use of AI is based on agreed upon public-private standards to ensure trust and protect community banks and their customers.

  • It supports a provision of the executive order directing each agency to annually submit a public inventory of AI uses cases.

  • Agency adoption of AI could make bank supervision more efficient and alleviate community bank regulatory burdens, especially in the area of data collection.

ICBA Blog Posts: Recent ICBA blog posts separate AI hype from reality and spotlight what regulatory perceptions of AI will mean for community banks.

AI Webinar Bundle: ICBA separately offers its AI Demystified webinar series as a bundle that community banks can purchase to view on-demand.

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