Interagency AI/ML Risk Mgmt (OCC/Fed/FDIC)
Interagency Joint Statement — Risk Management of AI/ML in Banking
United States · 86 Fed. Reg. 16837; SR 11-7; OCC Bulletin 2011-12
- Status
- In effect
- Took effect
- March 31, 2021
- Applies to
- National banks, federal savings associations, state member and nonmember banks, credit unions, and their third-party AI vendors
- Enforced by
- OCC; Federal Reserve; FDIC; NCUA; CFPB (overlapping)
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.
Who is protected: Bank customers and credit applicants subject to AI/ML decisions
Legal 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.
Key facts
| Jurisdiction | United States |
|---|---|
| Level | Federal |
| Strength | Limited |
| Enacted | March 31, 2021 |
| Citation | 86 Fed. Reg. 16837; SR 11-7; OCC Bulletin 2011-12 |
| 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 |
| Agency page | Interagency RFI on Financial Institutions' Use of AI (86 FR 16837) |
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Related housing and credit decisions rules elsewhere
- Connecticut algorithmic rent ban — HB 8002 (eff. Jan 1, 2026) · In effect
- San Diego algorithmic rent price-fixing ban (Ord. O-21955, May 2025) · In effect
- Minneapolis algorithmic rent ban (Ord. 2025-010, eff. Mar 1, 2026) · In effect
- Seattle algorithmic rent-fixing ban (Ord. 127241 / SMC 7.34, July 2025) · In effect
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