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.
Read More about Consumer Protection in the Fintech Era
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
Read More about Speech by Governor Brainard on the Role of Financial Institutions in Tackling the Challenges of Climate Change
On February 16, 2021, Governor Michelle Bowman delivered her speech, My Perspective on Bank Regulation and Supervision, at the Conference for Community Bankers sponsored by the American Bankers Association. You can read the speech by clicking the link below.
https://www.federalreserve.gov/newsevents/speech/bowman20210216a.htm
Released by the Board of Governors of the Federal Reserve System
Read More about Speech by Governor Bowman on Bank Regulation and Supervision