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The Treasury Department has released a report following a request for information on AI in the financial sector. This report compiles feedback from over 100 submissions, highlighting the rapid adoption of AI technologies and the associated risks, particularly concerning generative AI. Key concerns include the need for standardized definitions, improved data privacy, and enhanced consumer protections.
The report categorizes risks into six areas, including data privacy and bias, and suggests various mitigation strategies. Stakeholders emphasize the importance of cohesive regulatory frameworks and public-private partnerships to address the fragmented regulatory landscape. The Treasury outlines five next steps to enhance collaboration and compliance within the financial services sector.
• Treasury report reveals growing AI use and risks in financial services.
• Stakeholders call for standardized AI definitions and improved consumer protections.
Generative AI refers to algorithms that can create new content, raising concerns about risks in financial applications.
Data privacy involves protecting personal information, which is a significant concern in AI deployment within finance.
Regulatory fragmentation refers to inconsistent laws across states, complicating AI compliance for financial firms.
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