The CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act represents major change to how banks process and handle small business loans, taking what in many banks is a bespoke, tailored financial product and requiring a whole new way of doing business.
Every bank should establish a core team for crisis management, with a clear idea of which functions should have a seat at the table.
Even with all the promise of ChatGPT, and similar conversational AI technologies, humans should be part of the loop and review the outputs that are produced.
Banks can take several steps to mitigate challenges surrounding overdraft/NSF fee lawsuits and enforcement actions.
While AI and automated systems can be useful, they have the potential to produce outcomes that result in illegal discrimination, representatives from four federal agencies said in a joint statement.
In a new report, the Treasury Department recommended that the federal government take several steps mitigate derisking by financial instructions, including possible regulation.
The council said the updates would provide increased visibility into how it performs its duties, as well as enhance its ability to address financial stability risks.
The necessity for continuous risk assessment triggers the need for appropriate resources to meet the demands of new and emerging threats.
New approaches, systems and processes ensure balance between compliance risk management and marketing performance.
Modern data management is essential to risk initiatives of 2023 and beyond.