Executives urged the consumer bureau at a public meeting to keep a closer eye on artificial intelligence innovations developed by fintech firms that are subject to less regulation.
Bank and credit union regulators issued a statement giving institutions the go-ahead to try artificial intelligence and other emerging tech to detect money laundering. It's just what some institutions have been waiting for.
The agency's semiannual report on risks in the industry focused heavily on the high volume of commercial loans as well as banks' exposure to nonfinancial corporate debt, which is near a record share of GDP.
The federal regulators said in a joint statement that they will take a bank's level of innovation into account in supervising its anti-money-laundering procedures.
The central bank may be looking at other benchmarks besides the fed funds rate to conduct monetary policy; dropping human appraisers from most home sales raises concerns.
