IBM

OpenAI, Anthropic, Microsoft, Meta Platforms, and Alphabet's Google are among more than 200 members of a newly established AI Safety Institute Consortium under the department, the Commerce Department said.

Potential uses for banks include risk analysis, investment portfolio construction and financial crime monitoring.

The company is emphasizing the software interoperability of the service it's launching that caters to banks, which are making huge investments in cloud computing. It will face off against big-tech rivals in the market like IBM, which touts the security and compliance features of its year-old offering.

As the pandemic speeds digital adoption at financial institutions, the technology giants are pitching products that scan in data from mortgage documents and provide security and compliance controls used by in-house tech developers.

Sales of the tried-and-true hardware keep rising despite a global shift to the cloud, and a recent survey found that large companies continue to prefer the performance and security they get from big iron.

The Mechanicsburg, Pa.-based credit union is on the hunt for its next chief executive after Anna May Nauss's announcement that she will retire at the end of 2020.

The IBM-BNP collaboration and other new developments show that high-profile breaches haven't deterred banks from using the cloud to store data.

The Delray Beach-based institution will change its name later this year to better reflect the communities it serves and its growth beyond serving just IBM staff.

Ludwig, a former regulator and CEO of Promontory Financial, and Mahan, the head of Live Oak Bancshares, say they want to back tech startups that support community banks. The ABA and ICBA are among the fund's investors.

IBM called for rules aimed at eliminating bias in artificial intelligence to ease concerns that the technology relies on data that bakes in past discriminatory practices and could harm women, minorities, the disabled, older Americans and others.