- “’I am generally in favour of regulating a particular application rather than a technology’ in general, Yann LeCun, said in an interview.
- ‘We could possibly also develop robots that are somewhat intelligent and autonomous: machines that we give a task to but don’t explain how to do it,’ LeCun said.”
– “A group of US banking regulators—including the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Consumer Financial Protection Bureau (CFPB), among others—has issued a statement that they’re seeking public input on the rising usage of AI by financial institutions (FIs), Reuters reports.
– US banking regulators, including the Fed and Federal Deposit Insurance Corporation, are seeking information on how banks use AI.
– This provides an opportunity for FIs and the government to set clear expectations as the tech gains prevalence.”
“Clearly banks are saying “yes” to many forms of artificial intelligence, as our survey indicates, and are welcoming the many opportunities that the technology brings to make their compliance operations more effective and efficient. And when AI is coupled with another technology advancement—the increasing adoption of an agile cloud environment—the year ahead for financial institutions and their compliance teams looks better than ever.”
“Take a look at AI. There are more than 80 international standards and frameworks governing the use and ethics of AI, but this can impose ‘burdensome and sometimes conflicting obligations on organizations operating across national boundaries,’ said the Forum’s Global Risk Report 2020.
‘The proliferation of standards also makes it more difficult for countries and companies to converge on a single one as more AI-enabled systems are adopted. Even more critical, international and national policies are not keeping up with technological advances,’ the report explained.”
- “A federal regulator is signalling it could tighten up rules around the use of artificial intelligence by banks, a practice the watchdog suggests could pose risks to lenders as decisions made by the “black box” technology grow trickier to explain.
- ‘The behaviour of a black box system is observed only from its inputs and outputs,’ Sarfati wrote. ‘AI models may be technically complex and not transparent, so financial institutions must find solutions to interpret AI models into their business context.'”