By Aaron Nicodemus2023-06-20T20:20:00
As financial institutions (FIs) mull potential growth opportunities with digital asset and artificial intelligence (AI) tools, one regulator warned against leaving risk and compliance teams out of the loop.
Michael Hsu, acting head of the Treasury Department’s Office of the Comptroller of the Currency (OCC), said in a speech Friday at an American Bankers Association conference that some FIs myopically view risk and compliance considerations as “drags on innovation and profitability.”
Instead of rushing to market, Hsu said FIs should consider a more measured approach, in which risk and compliance considerations are embedded into a product’s development from the start.
2024-05-29T20:01:00Z By Aaron Nicodemus
Acting Comptroller of the Currency Michael Hsu said he favors requiring more mid-sized U.S. banks to conduct the same rigorous recovery planning as the largest banks, part of a lesson learned from the collapse of three mid-sized banks in 2023.
2024-05-17T16:57:00Z By Aaron Nicodemus
Federal Reserve Board Governor Michelle Bowman argued banking regulators should move from their current reactive posture on banking innovation to a position that actively encourages new technologies, business models, and ideas to solve age-old problems.
2023-12-07T16:43:00Z By Aaron Nicodemus
New guidance from the Office of the Comptroller of the Currency advises banks to tailor their risk management strategies and lending oversight for “buy now, pay later” plans.
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.
2025-08-06T14:00:00Z By Aaron Nicodemus
The Trump administration’s designation of Mexican cartels as terrorist organizations in February has made doing business in Mexico riskier than ever before for corporations.
2025-06-26T15:37:00Z By Aaron Nicodemus
Bank examiners at the Federal Reserve Board will no longer assess reputational risk during examinations, a concession to the banking industry already underway with two other U.S. regulators.
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