– “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…
Tag: ai regulation
Using Artificial Intelligence to Make Sense of Mountains of Data
“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…
Davos Agenda: What you need to know about technology
“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…
What’s in the black box? Rise of artificial intelligence in banking presents challenge for OSFI
“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,’…
An AI regulation strategy that could really work
“A regulatory market is a new solution to the problem of the limited capacity of traditional regulatory agencies, invented for the nation-state manufacturing age, to keep up with the global digital age. The answer is for governments to shift their oversight to regulating the regulators. A private regulator would require a license to compete, and could only…