# Treasury AI RFI (June 2024): Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector

Source: https://www.bankingnewsai.com/ai-regulation/documents/treasury-ai-financial-services-rfi-2024
Last updated: Aug 26, 2026

Treasury announced its Request for Information on the uses, opportunities and risks of AI in financial services on June 6, 2024 and published it in the Federal Register on June 12, 2024 with a 60-day comment period. It asked how AI is being used, what obstacles hinder responsible adoption, the impact on consumers and investors, and what changes to legislative, regulatory, and supervisory frameworks were needed. Treasury received 103 comment letters and summarized them in its December 19, 2024 report.

## At a glance

| Field | Value |
| --- | --- |
| Authority | [U.S. Treasury](https://www.bankingnewsai.com/ai-regulation/treasury) |
| Type | Consultation |
| Status | Final |
| Published | Jun 12, 2024 |
| Comment deadline | Aug 12, 2024 |
| Applies to | Open to all stakeholders: financial institutions, fintechs, technology and data providers, consumer advocates, trade associations |
| Official text | https://www.federalregister.gov/documents/2024/06/12/2024-12336/request-for-information-on-uses-opportunities-and-risks-of-artificial-intelligence-in-the-financial |

## Key points

- Announced June 6, 2024 (press release jy2393); Federal Register publication June 12, 2024; 60-day comment window
- Built on the March 2024 AI cybersecurity report and on parallel initiatives by other federal agencies
- Sought information on current AI uses, obstacles to responsible adoption, and effects on consumers, investors, institutions, and regulators
- Asked specifically for recommendations to enhance legislative, regulatory, and supervisory frameworks for AI in finance
- Emphasized interest in how AI could promote inclusive and equitable access to financial services
- Drew 103 comment letters from financial firms, consumer groups, technology providers, fintechs, trade associations, and consultancies

## What changed for banks

The RFI was Treasury's broadest fact-finding exercise on AI in finance and the first to explicitly ask industry where existing regulatory frameworks fall short. Its comment record fed the December 2024 findings report and is still cited in FSOC's annual reports, particularly on fair-lending and bias concerns tied to AI underwriting.

## Use cases it governs

- [AI governance (general)](https://www.bankingnewsai.com/ai-regulation/by-use-case#governance-general)
- [Credit scoring & underwriting](https://www.bankingnewsai.com/ai-regulation/by-use-case#credit-underwriting)
- [Fair lending & discrimination](https://www.bankingnewsai.com/ai-regulation/by-use-case#fair-lending)
- [Third-party & vendor AI](https://www.bankingnewsai.com/ai-regulation/by-use-case#third-party-vendors)
- [Data & privacy](https://www.bankingnewsai.com/ai-regulation/by-use-case#data-privacy)

## FAQ

### When did the Treasury AI RFI close?

The comment period ran 60 days from Federal Register publication on June 12, 2024, closing in August 2024. Treasury reported receiving 103 comment letters.

### What happened after the Treasury AI RFI?

Treasury published a report on December 19, 2024 summarizing the responses and recommending next steps for regulators, firms, and government agencies.

## Related documents

- [FSOC AI Innovation Series (Mar–May 2026)](https://www.bankingnewsai.com/ai-regulation/documents/treasury-fsoc-ai-innovation-series-2026) — Artificial Intelligence Innovation Series — FSOC and Treasury AI Transformation Office roundtables (Jun 24, 2026)
- [Treasury FS AI RMF and AI Lexicon (Feb 2026)](https://www.bankingnewsai.com/ai-regulation/documents/treasury-fs-ai-rmf-and-ai-lexicon-2026) — Financial Services AI Risk Management Framework (FS AI RMF) and Artificial Intelligence Lexicon (Feb 19, 2026)
- [FSOC 2025 Annual Report](https://www.bankingnewsai.com/ai-regulation/documents/fsoc-annual-report-2025) — Financial Stability Oversight Council 2025 Annual Report — Section 3.4, Harnessing Artificial Intelligence to Promote Financial Stability (Dec 11, 2025)
- [Treasury AI in Financial Services report (Dec 2024)](https://www.bankingnewsai.com/ai-regulation/documents/treasury-ai-financial-services-report-2024) — Artificial Intelligence in Financial Services — Report on the Uses, Opportunities, and Risks of AI in the Financial Services Sector (Dec 19, 2024)
- [FSOC 2024 Annual Report](https://www.bankingnewsai.com/ai-regulation/documents/fsoc-annual-report-2024) — Financial Stability Oversight Council 2024 Annual Report — Section 3.3.3, The Use of Artificial Intelligence in Financial Services (Dec 6, 2024)
- [Treasury $4B AI fraud-prevention announcement (Oct 2024)](https://www.bankingnewsai.com/ai-regulation/documents/treasury-ml-fraud-prevention-fy2024) — Treasury Announces Enhanced Fraud Detection Processes, Including Machine Learning AI, Prevented and Recovered Over $4 Billion in Fiscal Year 2024 (Oct 17, 2024)
- [Treasury AI cybersecurity risks report (Mar 2024)](https://www.bankingnewsai.com/ai-regulation/documents/treasury-ai-cybersecurity-risks-report-2024) — Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector (Mar 27, 2024)
- [FSOC 2023 Annual Report](https://www.bankingnewsai.com/ai-regulation/documents/fsoc-annual-report-2023) — Financial Stability Oversight Council 2023 Annual Report — Section 3.3.3, The Use of Artificial Intelligence in Financial Services (Dec 14, 2023)

Last reviewed Aug 26, 2026. Cite the official text (https://www.federalregister.gov/documents/2024/06/12/2024-12336/request-for-information-on-uses-opportunities-and-risks-of-artificial-intelligence-in-the-financial) for the rule and this page for the summary and dates.

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