Browsing: Artificial intelligence

Compliance and Risk

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.”

Community Banking

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.

Compliance and Risk

The Consumer Financial Protection Bureau this week announced updates to its rulemaking agenda. Items on the agenda and their associated timelines were submitted to the Office of Management and Budget in early March, prior to the outbreak of the coronavirus and the subsequent economic downturn.

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