Interagency Joint Statement — Risk Management of AI/ML in Banking
United States · 86 Fed. Reg. 16837; SR 11-7; OCC Bulletin 2011-12
Banking regulators issued a joint request for information setting their supervisory expectations for banks using AI and machine learning — covering model risk, fair lending, third-party AI vendors, and consumer-protection compliance. The 2011 model-risk-management guidance (SR 11-7) governs AI underwriting models.
Technical detail
Interagency Request for Information and Comment on Financial Institutions' Use of AI/ML, 86 Fed. Reg. 16837 (Mar. 31, 2021). The OCC, FDIC, FRB, CFPB, and NCUA jointly outlined that AI/ML models are governed by existing Model Risk Management guidance (SR 11-7 / OCC Bulletin 2011-12), fair-lending laws, and third-party risk management standards. OCC's Comptroller's Handbook updates incorporate AI/ML examination expectations.
Who is protected: Bank customers and credit applicants subject to AI/ML decisions
Who must comply: National banks, federal savings associations, state member and nonmember banks, credit unions, and their third-party AI vendors
Key facts
| Jurisdiction | United States |
|---|---|
| Level | Federal |
| Status | In effect |
| Protection strength | Limited protection |
| Effective date | 2021-03-31 |
| Enacted | 2021-03-31 |
| Citation | 86 Fed. Reg. 16837; SR 11-7; OCC Bulletin 2011-12 |
| Enforced by | OCC; Federal Reserve; FDIC; NCUA; CFPB (overlapping) |
| Private right of action | No — agency enforcement only |
| Penalties | Matters Requiring Attention (MRAs); enforcement orders; civil money penalties under 12 U.S.C. § 1818 |
| Topics | housing and credit decisions · automated decision-making · consumer protection · AI disclosure and transparency |
| Last verified | 2026-06-17 |
| Official source | Interagency RFI on Financial Institutions' Use of AI (86 FR 16837) ↗ |
More AI rules in United States
- FTC Act Section 5 (unfair/deceptive AI) · In effect
- TAKE IT DOWN Act · In effect
- FCRA (AI in credit & background checks) · In effect
- ECOA / Regulation B (AI credit discrimination) · In effect
- Title VII / ADA (AI hiring) · In effect
- COPPA + 2025 Rule (childrens data) · In effect
Related housing and credit decisions rules elsewhere
- Colorado AI Act (repealed) · Repealed / replaced
- SB 26-189 (Colorado ADMT Law) · Enacted (not yet in effect)
- New York S7882 (felony to use algorithms to coordinate residential rents) · In effect
- DC Algorithm Bill (not enacted) · Expired
- MA AG · In effect
- NJ AG Platkin / DCR · In effect
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