The American Fintech Council (AFC) has expressed support for the Department of the Treasury's recent approach to artificial intelligence (AI) in the financial services sector. Ian P. Moloney, AFC's Senior Vice President and Head of Policy and Regulatory Affairs, commended the Department’s efforts.
“We applaud the Department of the Treasury on their concerted and pragmatic approach towards ensuring the development of responsible artificial intelligence (AI) technologies in the financial services industry," Moloney stated. "Yesterday’s issuance of the Department’s Compliance Plan for AI builds on the existing efforts conducted by the Agency in a manner that exemplifies the thoughtful approach that AFC advocates for within all policy and regulatory areas."
Moloney highlighted AFC's appreciation for several aspects of the Compliance Plan, particularly its focus on advancing innovation by removing barriers to responsible AI use. The plan also emphasizes recruitment and training efforts aimed at helping Treasury employees understand and utilize AI technologies effectively.
"The Department has worked to harmonize AI requirements across the Federal landscape through a deep commitment towards sharing best practices and collaborating with relevant stakeholders," Moloney noted. He also praised the risk-based framework outlined in the plan, which includes various regulatory tools such as waiver programs to manage risks without hindering innovation.
"AFC is greatly encouraged by the continued pragmatic approach towards AI that is exemplified in its Compliance Plan. We look forward to our continued engagement with the Department on these and other important issues,” Moloney concluded.