Technology

Bank regulators Friday said the existing laws governing safety and soundness and fair lending are adequate to address risks posed by artificial intelligence, noting that while AI may be used to inform lending decisions, banks are ultimately responsible for compliance.

When Gensler arrived at the SEC in 2021, he took on just about everything. Rules for stock-market trading, Treasury-security clearing, executive-pay disclosures, private equity, crypto, short-selling, climate-change risks, even AI: nothing seemed off limits. But now, three years later, to Big Finance, the verdict is clear: Gary Gensler overreached.

The new service will allow financial institutions to streamline the process for moving accounts and verifying income.

Companies like NCR Voyix, Salesforce and Sainsbury's are keen to deploy technology that used to be science fiction — such as scanning a shopper's eyes to access their accounts, or using AI to streamline checkout.

Gary Gensler, chair of the Securities and Exchange Commission, said that any company going public had to be "full, fair and truthful" in their disclosures about their artificial intelligence's true capabilities.

The retail giants are testing the limits of what customers will allow a generative AI system to do before making a payment.

The Federal Reserve's vice chair for supervision also said he expects cyber threats against the financial services industry to become increasingly disruptive.

Ukraine is the latest of more than a dozen countries where the fintech is partnering with credit bureaus to help immigrants make a fresh start in their new homes.

The digital-only bank is among the first to offer such a feature, which can make a bank and its checking account stickier. 

Mike Abbott, global banking lead at Accenture, shared some of his predictions and opinions for the year ahead.