Podcast: Banking-as-a-service business models under pressure?

ABA submitted a list of principles to guide any legislation relating to artificial intelligence in financial services, stressing that Congress must pass comprehensive laws establishing an AI risk management framework with strong preemption of state requirements.

FinCEN assessed a $3.5 million civil penalty against the former cryptocurrency services provider Paxful for Bank Secrecy Act violations and issued a reminder for financial institutions of their anti-money laundering obligations when dealing with virtual currencies.

The OCC issued new guidance for agency staff stating that national banks may engage in riskless principal crypto-asset transactions.

Freddie Mac has updated its guidelines for mortgage companies to establish a framework for the responsible use and deployment of artificial intelligence technologies and machine learning systems.

Governance of autonomous AI agents may not be keeping up with the power of the technology.

Comptroller of the Currency Jonathan Gould dismissed concerns raised by bank advocates and others about allowing digital asset firms to establish national trust banks, saying that limiting such activity would “undermine the dynamic and evolving nature of the...