MFA provided four recommendations for the U.S. Treasury to consider as they establish rules regarding the use of artificial intelligence (AI) in financial services.
MFA recommends that before taking any action on the use of AI in financial services regulators should consider how:
- Alternative asset managers use AI to enhance existing processes and procedures
- Fiduciary duty and other existing regulations already sufficiently address potential concerns posed by the use of AI tools
- Past attempts to regulate specific technologies confirm that regulators should remain technology neutral and prioritize regulating activities
- Potential use cases for AI are still developing and could unlock important benefits
