The Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a wide range of questions related to the implementation of the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA).
Five federal financial regulatory agencies are gathering insight on financial institutions' use of artificial intelligence (AI). The agencies seek information from the public on how financial institutions use AI in their activities, including fraud prevention, personalization of customer services, credit underwriting, and other operations.
This month, we are examining some of the consumer issues that have surfaced with these innovative ways to bank. Technology has revolutionized the way consumers interact with the financial system. Older innovations (such as the internet and mobile devices) and newer developments (such as big data and computer algorithms) have changed banks and what we think of as banking: making deposits, taking out loans and managing investments.
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Just as with banks, there is no single licensing or regulatory agency that oversees fintech companies. Depending on their activities, they can be licensed or supervised by local, state or federal regulators on a functional, or activity-based, basis.
On February 18, 2021, Governor Lael Brainard spoke at the at the Institute of International Finance's 2021 IIF U.S. Climate Finance Summit: Financing a Pro Growth Pro Markets Transition to a Sustainable, Low-Carbon Economy. To view her speech on The Role of Financial Institutions in Tackling the Challenges of Climate Change please click the link below.
https://www.federalreserve.gov/newsevents/speech/brainard20210218a.htm
Released by the Board of Governors of the Federal Reserve System
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