A Federal Reserve Board, CFPB, FDIC, National Credit Union Administration and OCC request for information and comments on financial institutions' use of artificial intelligence and machine learning was published in the Federal Register.
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The Federal Reserve Board, the CFPB, the FDIC, the National Credit Union Administration and the OCC solicited comment on financial institution use of artificial intelligence and machine learning.
In a joint statement, the Federal Reserve Board, the FDIC and the OCC, in consultation with FinCEN and the National Credit Union Administration, described how the agencies' "Supervisory Guidance on Model Risk Management" relates to Bank Secrecy Act / Anti-Money Laundering systems.
Bank regulators and FinCEN clarified their risk-focused approach for assessing bank compliance under Bank Secrecy Act and anti-money laundering regulations.
The Federal Reserve Board, Office of the Comptroller of the Currency, CFTC, FDIC and SEC rules amending the definition of "insured depository institutions" to exclude firms with consolidated assets equal to or less than $10 billion from the Volcker Rule was published in the Federal Register.