News & Insights

Help
11 News Results

The Federal Reserve Board and the Treasury Office of Foreign Assets Control fined a banking entity for apparent sanctions violations. The regulators charged that the bank provided software to a European bank engaged in transactions with sanctioned jurisdictions.

Commentary by Steven Lofchie

Federal Reserve Board ("FRB") Governor Lael Brainard urged firms to be mindful of risks associated with artificial intelligence ("AI") innovation and advised regulators to remain diligent in the quest to understand and regulate the use of AI by supervised firms. In remarks at the FinTech and New Financial Landscape Conference, Ms. Brainard underscored the "pace" and "ubiquity" of AI innovation. She emphasized the benefits and potential risks to bank safety and consumer protection that new AI applications pose. Ms. Brainard said that regulation and supervision designed to focus on risks should