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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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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.
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