Fed's Powell wants to rewrite the Basel III endgame rules; Fifth Third settles with CFPB over fake accounts; Colorado's pioneering AI legislation; and more in today's newsletter.
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Fed's Powell wants to rewrite the Basel III endgame rules; Fifth Third settles with CFPB over fake accounts; Colorado's pioneering AI legislation; and more in today's newsletter.
Founder & CEO, Group 8 Security Solutions Inc. DBA Machine Learning Intelligence
2wLoved the insights.
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The latest issue of UK Regulatory Radar brings you a veritable smorgasbord of industry and regulatory updates affecting financial services firms in the UK, including proposals for portfolio managers under the FCA’s Sustainability Disclosure Requirements regime, UK regulators’ AI strategies, and the expanding remit of solvent exit and resolution. Read the new edition here: #financialservices #regulation
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Top banking regulators share their perspectives on AI usage by financial institutions, and how their respective agencies will approach the examination process. Sounds like a stellar event, and the article helpfully provides quotations to capture the highlights. An effective governance program, including a strong third party risk management function, are essential to comply with consumer protection laws and satisfy agency expectations.
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Artificial Intelligence helps banks,financial organizations & insurance companies predict, infer and learn by experience to control the ever evolving threat of financial crime and fraudulent activities. Do you have an AI driven fraud-detection application in mind that you’d like to adopt in your organization? Schedule a Demo: http://ow.ly/hOlt50EnlLI #EnterpriseAI #ArtificialIntelligence #MachineLearning #KnowledgeGraph #LinkAnalysis #Banking #AML #AntiMoneyLaundering #FinancialIntelligence #FinancialCrime #FinancialCrimeTechnology #Compliance #FraudAnalytics #GraphAnalytics #Insurance #InsuranceFraud #ClaimFraud #Neo4j
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Data/Privacy; AI/ML decision tree customized tools & solutions; Compliance/Risk; Quantitative Strategy; Tech Startup; eDiscovery; Global Operations - Esq., J.D., CIPP/E/US, MBA, CFA Institute Investment Foundations
As a follow-up to my previous post about CFPB, here's its new rule for use of AI & algorithms in home appraisals.
A new rule approved today by the Consumer Financial Protection Bureau will help ensure accuracy and accountability in home appraisals powered by AI or advanced algorithms.
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Interesting read on changes to come regarding #appraisals for all lenders providing #mortgage products from the CFPB.
A new rule approved today by the Consumer Financial Protection Bureau will help ensure accuracy and accountability in home appraisals powered by AI or advanced algorithms.
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Exploring the intersection of regulatory reporting and AI adoption in U.S. financial institutions with experts from Woodruff Sawyer and Sterling Bank & Trust. Join the conversation with David Anderson and Patrick Keating.
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Co-Director Financial Inclusion Centre; Chair Registry Trust; Director, AfFI; Irish Financial Services and Pensions Ombudsman board; UKRN Expert Panel. Ex Z2K Chair, CCNI Dep Chair, FCA/FSA, ShareAction boards, Which?
Potential discrimination in financial services-FCA needs to conduct a full investigation Recently, I've started talking more about financial discrimination not just financial exclusion. There is a difference between the two. This is very worrying new research from the BBC Verify Unit. Car insurance quotes were a third more expensive in some areas of England with the biggest minority ethnicity populations. Remember, this research controlled for levels of crime and road accidents. This is not the first time concerns have been raised about potential discrimination. FCA's own work on overdraft pricing found that BAME households were paying significantly higher charges even though the FCA itself said that technological advances meant this pricing was hard to justify. FCA refused to take action against bank boards for this. I remember Financial Inclusion Centre writing to MPs on this but to no avail. Citizens Advice research found a large 'ethnicity penalty'. And previous FCA research found that insurers were using 3rd party data that could lead to discrimination and racial bias (even if inadvertently). I dread to think what impact AI/ fintech/ big data is having on exclusion and discrimination. We do need a full FCA investigation into this. I'm sure firms don't intend to discriminate. But, that's not the point. If the algorithms are flawed then the same poor outcomes result. And that is institutional bias. https://lnkd.in/exc2sdA6
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Crafting Creative Solutions for Companies Exposed to Unique Risk Situations | D&O Insurance Expert | WoodruffSawyer.com
Exploring the intersection of regulatory reporting and AI adoption in U.S. financial institutions with experts from Woodruff Sawyer and Sterling Bank & Trust. Join the conversation with David Anderson and Patrick Keating.
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Exploring the intersection of regulatory reporting and AI adoption in U.S. financial institutions with experts from Woodruff Sawyer and Sterling Bank & Trust. Join the conversation with David Anderson and Patrick Keating.
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National Commercial Lines Practice Leader | Insuring Innovation Through Custom Solutions | WoodruffSawyer.com
Exploring the intersection of regulatory reporting and AI adoption in U.S. financial institutions with experts from Woodruff Sawyer and Sterling Bank & Trust. Join the conversation with David Anderson and Patrick Keating.
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2wI'll keep this in mind