Browsing: Federal reserve

Compliance and Risk

The Federal Reserve today released the two hypothetical economic and financial market scenarios that it will use in the next round of the Comprehensive Capital Analysis and Review process for the nation’s largest financial institutions.

Newsbytes

The Federal Reserve yesterday said that its FedNow service will be ready to launch in 2023. The Fed previously indicated that the service would be ready sometime in 2023 or 2024.

Newsbytes

Members of the Federal Reserve’s Community Depository Institution Advisory Council urged the Fed to “be cautious in its approach to allowing non-traditional banks direct access to the payment system” during a recent meeting, flagging recent attempts by several non-bank entities to obtain state or national banking charters that would allow them to circumvent FDIC supervision and Community Reinvestment Act requirements.

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.”

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