AB – Policy & Regulation

Regulators say they have the tools to address AI risks

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Regulators say they have the tools to address AI risks

Federal Deposit Insurance Corp. chair Martin Gruenberg said in a roundtable discussion with fellow banking regulators Friday that banks’ use of artificial intelligence “has to be utilized in a way that is in compliance with existing law, whether it’s consumer protection, safety and soundness, or any or any other statute.”Bloomberg News WASHINGTON — Bank regulators …

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OCC issues guidance on managing risks of Buy Now, Pay Later

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OCC issues guidance on managing risks of Buy Now, Pay Later

The Office of the Comptroller of the Currency Wednesday issued a guidance to banks urging them to be more proactive in managing risks associated with “buy now, pay later” offerings, including tighter controls on third-party risk and transparent disclosure of terms and conditions.Bloomberg News WASHINGTON — The Office of the Comptroller of the Currency (OCC) …

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