Kevin Greenfield from the Office of the Comptroller of the Currency (OCC) testified on May 13 during a hearing before the House Financial Services Committee Task Force on Artificial Intelligence (AI). He discussed the OCC’s approach to innovation, and its supervisory expectations for banks’ use of AI in regulatory compliance. In particular, he stated that “use of innovative technologies to facilitate regulatory compliance, commonly referred to as RegTech, can increase bank productivity and improve accuracy in analysis, decision making to support risk management and regulatory compliance monitoring and internal controls.” However, he also stressed that banks should ensure the intended benefits are achieved – and unexpected risks are not introduced – by having effective governance processes and controls for the planning, implementation and operation of RegTech solutions. You can access a copy of his testimony here.
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