Testifying before the House Financial Services Committee’s Task Force on Artificial Intelligence today, American Bankers Association SVP Paul Benda highlighted the ways banks are using cloud technology and urged greater collaboration to enhance cloud security and efficiency.
“Financial institutions, [cloud service providers] and regulators, including core providers that provide products and services to smaller banks, should work in a collaborative manner to ensure that the right frameworks, processes and programs are in place to allow adoption of these new technologies while maintaining the safety and soundness of our financial system,” Benda told the task force.
In his testimony, Benda emphasized that banks remain responsible for protecting customer data under the Gramm-Leach-Bliley Act, regardless of where it is stored, and welcomed additional clarity on the roles and responsibilities of regulators with respect to direct oversight of cloud companies.
