As banks move to responsibly integrate artificial intelligence and machine learning capabilities into their business processes, the American Bankers Association this week urged regulators to focus on providing greater clarity around the use of AI and ensuring that there is a consistent regulatory standard for its use across all financial services providers.
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For many compliance professionals, manual processes are not adequate to stay current.
On the latest episode of the ABA Banking Journal Podcast, Rob Morgan and Matthew Daigler join to provide quick-fire updates on a variety of fintech-related policy issues.
Recognizing the benefits and increasing use of artificial intelligence and machine learning capabilities in financial services, the federal banking agencies are seeking feedback from financial institutions on how they are using these capabilities to provide banking services to consumers or for other business or operational purposes.
Regulators are largely embracing AI advancements.
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In remarks at a virtual event hosted by the Federal Reserve today, Fed Governor Lael Brainard said that the federal banking agencies are in the process of drafting request for information on the risk management of artificial intelligence applications in financial services as they consider “whether additional supervisory clarity is needed to facilitate responsible adoption of AI.”
In response to feedback from banks and fintech providers, the Federal Reserve, working with other financial regulatory agencies, is developing a fintech vendor due diligence guide for community banks, that would provide specific information about the documents and information they need to successfully complete their due diligence obligations, Federal Reserve Governor Michelle Bowman said in a speech today.
It’s vital to verify data across sources to create a comprehensive 360-degree view of specific businesses.