The OCC’s current financial technology focus includes bank and fintech partnerships, artificial intelligence, digital assets and tokenization, as well as other new technologies and business models.
For central bank digital currencies to be a reliable means of payment, central banks should address the risks of interruptions or disruptions and ensure integrity and confidentiality, according to a report by the Bank for International Settlements.
Roughly 22.7 million American borrowers had an outstanding unsecured personal loan at the end of June 2023, with loans from financial technology firms a significant driver of new unsecured loans, the Federal Reserve Bank of New York said in a report.
The paper explores the supervisory and financial stability implications of digital fraud, including existing data availability and risk mitigation measures.
Family-owned businesses, especially those crossing the mark of $10 million in annual revenue, often have unique banking needs. They have the freedom to make long-term investments, but they also face challenges associated with funding for growth, complex family dynamics and the need to manage liquidity events for family members.
The Association of Military Banks of America announced the launch of a new financial education tool as part of the Veterans Benefits Banking Program.
Regulators should coordinate with each other to lessen the effect of overlapping requirements as they consider harmonizing federal regulations governing cybersecurity, ABA and the Bank Policy Institute said in a joint letter to the White House’s Office of the National Cyber Director.
“Banks have long supported consumers accessing their own data, but believe it should be done in a safe and sound way that provides them with control,” says ABA VP Ryan Miller. With respect to Section 1033 of the Dodd-Frank Act, the CFPB “has attempted to put that into place here.”
President Biden issued a sweeping executive order directing federal agencies to review and possibly draft new rules governing the use of artificial intelligence across multiple sectors of the economy, including financial services.
Phishing emails written by humans trick users into clicking malicious links at a greater rate than emails written by artificial intelligence, but not by much, according to new research by IBM.