As more companies tout gen AI offerings, regulators are closely watching to see if what they say matches what they do.

Experts at Citi, Morgan Stanley and the London Stock Exchange have written a governance framework banks can use to mitigate the risks of generative AI.

The technology, which turns large language models into autonomous agents, could be a game changer for banks.

The European legislation prohibits or curtails what it deems to be risky usage of artificial intelligence. Banks will be caught in its net if they provide or deploy such AI systems in the EU.

Many people are jumping on the AI bandwagon without asking the most basic questions. FICO Chief Analytics Officer Scott Zoldi, who holds a Ph.D. in theoretical and computational physics from Duke University, has been in the business long enough to see the warning signs.

Federal Reserve Gov. Lisa Cook called for weighing the costs and benefits of artificial intelligence, and flagged bias and fraud as areas of concern.

The bill would have forced several restrictions on the largest AI model providers, including a so-called "kill switch." A new version could restrict the riskiest uses of AI, such as for loan and hiring decisions.

The National Community Reinvestment Coalition and four fintechs want the agencies to act on the White House's executive order on artificial intelligence.

As the company bolsters artificial intelligence-powered point of sale and battles other fintechs and the card networks, getting a boost with distribution has become a major priority.