ICBA sent comments to the Financial Stability Board regarding its consultation report, Sound Practices for Responsible Adoption of Artificial Intelligence.

ICBA said it supports the FSB’s efforts to promote responsible adoption of AI and recognizes that, when appropriately governed and proportionately implemented, AI may help financial institutions improve operational efficiency, strengthen fraud detection, support cybersecurity and compliance workflows, enhance document review, and improve customer service.

ICBA also said that the final report can further advance that objective by strengthening proportionality, recognizing the realities of third-party and embedded AI adoption, and providing more practical examples applicable to smaller financial institutions.