The Federal Reserve is paying close attention to how it might regulate artificial intelligence and machine learning, Fed Gov. Lael Brainard said in a speech Tuesday.
Promontory Financial Group CEO Eugene Ludwig says AI tools can remove the risks — and discrimination — involved in opening the U.S. financial system to newcomers.
The next downturn will come sooner rather than later, so bankers should press policymakers for several core improvements to the financial system before attitudes in Washington change.
A new credit score that includes consumers' cash flow alongside their credit score is winning praise for its potential to help expand access to credit, but some worry it gives the credit bureaus even more data that could be compromised.
The agency’s biennial survey showed gradual improvement in access to mainstream banks, but over 14 million adults lack ties to a federally insured institution.
Better web access, paid for by banks, could go a long way toward moving the unbanked into the mainstream. It was one of many ideas batted around at a recent a conference on the role fintech can play in promoting financial inclusion.
Banks should work to shield some customers who may otherwise be flagged or blocked by AI-powered safeguards, and consider using alternative data to expand services to the underbanked.
Judy Long, president of First Citizens National Bank in Dyersburg, Tenn., launched the Smart Women financial literacy program after seeing female customers struggle with managing their finances.
An OCC charter for fintechs requires firms to meet a “financial inclusion” standard instead of conventional Community Reinvestment Act requirements. That’s a problem.
