For the first time ever, the Financial Stability Oversight Council (FSOC) has labeled artificial intelligence (AI) as a potential risk to the stability of the financial system. The US body, formed in response to the 2008 financial crisis, cited potential cybersecurity issues, privacy concerns, and compliance risks. Regulators also highlighted the possibility of AI systems producing biased or inaccurate results, obscuring their own workings, and posing data security, consumer protection and privacy risks. The move follows a similar classification of climate change as an "emerging threat" to the financial stability of the US two years ago.