By Kyle Brasseur2023-12-08T17:54:00
Artificial intelligence (AI) was highlighted as an emerging risk to the federal banking system by the Treasury Department’s Office of the Comptroller of the Currency (OCC).
The OCC’s risk perspective for fall 2023, published Thursday, included a section dedicated to the impact AI could have on the banking space, both positive and negative.
“The potential for further benefits as AI gains more widespread adoption could be significant,” the report said. “Developments in the technology may reduce costs and increase efficiencies; improve products, services, and performance; strengthen risk management and controls; and expand access to credit and other banking services. Widespread adoption of AI, however, may also present significant challenges relating to compliance risk, credit risk, reputation risk, and operational risk.”
2024-03-26T19:20:00Z By Aaron Nicodemus
Acting Comptroller of the Currency Michael Hsu argued banks should adopt a “strong sense of fairness” to bolster the effectiveness of their compliance programs, particularly regarding lending decisions guided by AI and machine learning tools.
2024-03-13T19:47:00Z By Aaron Nicodemus
Acting Comptroller of the Currency Michael Hsu said federal banking agencies are considering enhancements to their operational resiliency requirements for member banks.
2024-01-30T20:39:00Z By Aaron Nicodemus
The Office of the Comptroller of the Currency proposed eliminating expedited or streamlined reviews of mergers for national banks and federal savings associations.
2025-10-09T18:11:00Z By Jaclyn Jaeger
On-again-off-again tariffs, a down economy, and a long list of global supply chain disruptions are challenging U.S. food and beverage companies to adjust their supply chain operations in a variety of ways.
2025-09-25T20:36:00Z By Jaclyn Jaeger
New regulations, changing consumer demands, and global supply chain disruptions – from cost-of-goods inflation to tariffs to raw material shortages, and more – are just a few top challenges reshaping the operations of food and beverage industry today. “These challenges are no longer just logistical—they implicate sourcing risk, contract performance, ...
2025-09-17T19:03:00Z By Ruth Prickett
More than half of all compliance teams are “actively using” or “piloting” AI applications, according to a Moody’s report. While most are focusing on streamlining routine tasks, some are developing AI agents and asking vital questions about AI decision-making.
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