Fed’s Waller remains unconvinced of need for CBDC
No one has provided a satisfactory answer about the need for a central bank digital currency, Federal Reserve Governor Christopher Waller said.
No one has provided a satisfactory answer about the need for a central bank digital currency, Federal Reserve Governor Christopher Waller said.
One in four people who reported losing money to fraud in the last two years said the scam began on social media, accounting for $2.7 billion in reported losses, more than any other contact method, the Federal Trade Commission said in a new report.
Federal agencies are tackling the broader cloud infrastructure and security issues impacting financial institutions, but banks will have to deal individually with many of the issues a recent Treasury report identifies.
Cloud-based technologies now make it possible to knit together many distinct types of information into a usable “data fabric” in near real time.
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Artificial intelligence could cause larger changes in the U.S. financial system than the social media-fueled Silicon Valley Bank run, Senate Banking Committee Chairman Sherrod Brown (D-Ohio) said during a committee hearing on the use of AI in the financial services sector.
Creditors must provide accurate and specific reasons for denying loan applications even when those decisions were made using technology that employs complex algorithms, the CFPB said.
Speaking to ABA’s Core Platforms Committee Monday, FIS President and CEO Stephanie Ferris announced that the Jacksonville, Florida-based core provider has signed on to ABA’s Principles for Strong Bank-Core Provider Relationships.