Questions arise as to whether OTS rules should be changed to specifically address these new technologies. Automated loan machines Automated loan machines can process loan requests from terminals that can process the application, take a signature on an application, dispense proper disclosure papers, and dispense an official bank check all while the customer waits in front of the terminal. Smart Cards Smart Cards are not addressed in OTS regulations. Thrifts will, of course, abide by Regulation E as may be amended the Federal Reserve Board, but the OTS is interested in whether any specific regulations should instruct, guide, or permit actions by thrifts that may adopt smart card programs and permit their use by their customers. Credit scoring and artificial intelligence Credit scoring is offered by some vendors that can help make lending decisions for thrifts.
Artificial intelligence can assist in the processing and analyzing data used for approving loans.
OTS presently has no regulations governing credit scoring or artificial intelligence per se . Actions of other banking regulators Other federal banking regulators have taken certain steps in electronic banking areas. Similarly, this is the first announced rulemaking initiative by any of the banking regulators soliciting comments from banking constituents on general banking ramifications that relate to electronic tools for banks.