SEC Chair Gary Gensler warned of broad challenges and increased risk resulting from the use of AI models in the financial sector. He highlighted the need to update regulatory guidelines, establish strict oversight mechanisms and enhance disclosure requirements for companies utilizing AI.
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House Financial Services Committee Chair Patrick McHenry asked the FDIC to explain its financial innovation strategy as well as the agency's examination and supervisory actions toward financial institutions and fintechs.
The OCC, the Federal Reserve Board ("FRB") and the FDIC (collectively, the "Agencies") set effective dates on amendments to rules implementing the Community Reinvestment Act ("CRA"). The agencies published the rule and the effective dates in the Federal Register.
A municipal securities firm settled FINRA charges for failing to file complete and timely quarterly reports with the Municipal Securities Rulemaking Board and for failing to establish, maintain, and enforce an adequate supervisory system.
The White House announced that federal agencies completed their ninety day directives set out in President Joseph R. Biden's "Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence."