Dear FIBA Members,
FIBA’s Legal & Regulatory Affairs, Innovation, and Operations & Technology committees have collaborated on an important comment letter responding to the U.S. Department of the Treasury’s Request for Information on the uses, opportunities, and risks of artificial intelligence in the financial services sector. The letter highlights both the potential benefits of AI in enhancing productivity, compliance, and security, as well as the challenges, particularly for smaller institutions, in implementing and managing AI technologies effectively.

Through the gathering of information amongst FIBA´s members about the use, benefits, risks, and challenges presented by AI tools, these committees were able to capture the general feeling of financial institutions today regarding the use of AI tools and address each point with valuable insights that Treasury should consider.

We invite you to review this letter, as it reflects our collective insights and positions on the evolving role of AI in our industry.