The Federal Reserve Bank of Philadelphia and the Supervisory Research and Policy Forum (SURF) held the Fifth Workshop on Credit Card Lending, Consumer Finance, and the AI Revolution on June 27–28. This year’s workshop was held virtually to foster international participation.

Agenda and Bio Booklet

As in prior years, the workshop gave regulators, industry experts, and academics an opportunity to share their knowledge, research, experiences, and views. The workshop included keynote speakers, expert panels, and industry/academic presentations.

This year’s workshop focused on important topics that are likely to shape the consumer finance industry over the next few years: 

  • the state of consumer finance with a focus on credit card lending;
  • financial innovation and other novel developments and research in open banking, the role of payment networks, fintech competition, and data privacy; and
  • the current and future implications of innovations and adoption of machine learning and artificial intelligence (ML/AI) in consumer finance.

The pace of innovation in consumer finance has accelerated in recent years, especially in the area of revolving consumer credit and payments. Innovations around open banking, the role of payment networks, data use and a better understanding of consumer behavior, and emerging views and challenges around privacy were some of the areas of conversation in this edition of the conference.

Recent advances in machine learning and artificial intelligence (ML/AI) have the potential to transform every facet of consumer lending. The pace of innovation and the adoption of ML/AI technologies is generating new challenges and opportunities. The conference delved into these topics as well as the potential transformational impact of the ML/AI revolution.

As in prior years, a Regulatory Roundtable followed the workshop. The roundtable was only for members of regulatory agencies. The Regulatory Roundtable was jointly organized by the Supervisory Research and Policy Forum (SURF), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) and facilitated the exchange of ideas across regulatory bodies. The agenda for the Regulatory Roundtable was distributed by email to members of regulatory agencies registered for the main conference.

NOTE: SURF is an initiative of the Federal Reserve Bank of Philadelphia with the primary mission of fostering communication and collaboration across regulators, policymakers, and subject-matter experts in risk management, supervision, and regulation of financial institutions.