CFA Comment Letter to the U.S. Department of the Treasury on Uses, Opportunities, and Risks of AI in Financial Services

The Consumer Federation of America (CFA) submitted the following comment letter to the U.S. Department of the Treasury. It addresses the risks and opportunities of using Artificial Intelligence (AI) in the financial services sector. CFA emphasizes the importance of prioritizing consumer protection over industry profits and insists on rigorous testing of AI technologies before they are deployed. The letter advocates for regulations that ensure AI systems do not perpetuate biases or lead to discriminatory outcomes. The letter also suggests that financial service providers often prioritize profit over consumer safety, which can lead to unfair or harmful practices. CFA urges the Treasury to enforce existing regulations and introduce new measures to manage AI risks effectively, highlighting the need for proactive regulatory actions to prevent consumer harm.