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.”
As community banks continue to innovate—a task that has only become more important since the COVID-19 pandemic began—regulators play two key roles in that process, ABA President and CEO Rob Nichols said during a virtual industry event today.
In remarks at an industry event today, Federal Reserve Vice Chairman for Supervision Randal Quarles discussed possible ways to improve the supervisory ratings system that regulators use to assess banks’ strength in various risk areas to make them “more consistent and more predictable.”
Speaking at a virtual event today, FDIC Chairman Jelena McWilliams acknowledged banks’ strong response to the coronavirus pandemic—from their quick pivot to remote operations to meeting the credit needs of the communities they serve.
In an extensive comment letter to the OCC today, the American Bankers Association offered feedback on a recent advance notice of proposed rulemaking on several issues related to digital technology and innovation.
The OCC today proposed changes to its rules for national bank and federal savings association activities and operations to ensure that they can continue to meet the shifting needs of consumers, businesses and communities.
Acting Comptroller of the Currency Brian Brooks will focus on promoting “responsible innovation” in the banking sector and continuing OCC modernization, he said in a statement upon taking office from former Comptroller Joseph Otting.
To help financial service providers assist struggling borrowers during the coronavirus pandemic, the Consumer Financial Protection Bureau toady issued two no-action letter templates that are intended to help institutions make their own NAL applications for certain consumer financial products and services, as allowed under the CFPB’s innovation policy.
Now more than ever, it’s time for financial CEOs to stop shying away from social and start inspiring digitally connected futures for their companies.
As part of its efforts to facilitate community bank innovation, the Federal Reserve may provide banks with information about core processors and other critical third-party vendors that the banking agencies supervise directly, Fed Governor Michelle Bowman said today at ABA’s Conference for Community Bankers in Orlando, Florida.