Browsing: Technology

Newsbytes Senators debate use of AI in financial services

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.

Compliance and Risk Future-forward compliance

The bank compliance function stands on the brink of fundamental change driven by digital technology. This transformation has already begun and is likely to accelerate sharply as generative AI drives new thinking about both the compliance challenges and the compliance solutions of the future.

Newsbytes ABA warns against CBDC adoption

A central bank digital currency is unnecessary in the U.S. and would present unacceptable risks and costs to the financial system, ABA said in comments to Congress.

Newsbytes Barr says Fed ‘a long way’ from decision on CBDC

The Federal Reserve is “a long way” from deciding whether to proceed with a central bank digital currency and would only do so with clear support from the executive branch and authorizing legislation from Congress, Fed Vice Chairman for Supervision Michael Barr said

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