Hood: OCC seeking community bank input on AI

Acting Comptroller of the Currency Rodney Hood said the OCC wants to develop artificial intelligence guidance and tools that ensure that all banks can modernize and remain competitive.

Details: Speaking in Washington, Hood said:

  • The OCC is “monitoring emerging technologies like generative AI, agentic AI, and quantum computing, which hold potential to revolutionize underwriting, fraud detection, and customer engagement.”

  • Many banks are exploring AI to enhance decision-making and improve efficiency but for community banks, the path forward is not always as clear.

  • The OCC issued a request for information earlier this year seeking input on the challenges community banks face when adopting digital solutions.

Recent Security Guidance: The Cybersecurity and Infrastructure Security Agency and other domestic and international agencies recently released guidance on best practices for securing data used to train and operate AI systems.

ICBA View: ICBA recently told the National Science Foundation that AI has the potential to significantly enhance the operations of community banks, but regulatory frameworks must evolve in a way that supports innovation while safeguarding consumer protections and financial stability.

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