- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-03-13T19:47:00
The acting head of the Treasury Department’s Office of the Comptroller of the Currency (OCC) said federal banking agencies are considering enhancements to their operational resiliency requirements for member banks.
In a speech delivered Tuesday at an industry event, Acting Comptroller of the Currency Michael Hsu said federal banking agencies will take steps to strengthen the operational resiliency of the country’s critical financial infrastructure.
U.S. agencies referred to by Hsu as considering operational resiliency framework enhancements included the OCC, the Federal Reserve Board, and the Federal Deposit Insurance Corporation.
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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.
Economic data and research firm Argus Information and Advisory Services agreed to pay $37 million to settle charges from the Department of Justice alleging misuse of data obtained through federal regulatory contracts.
The Office of the Comptroller of the Currency proposed eliminating expedited or streamlined reviews of mergers for national banks and federal savings associations.
When the DOJ released its revised Evaluation of Corporate Compliance Programs, it turned some heads. Tucked into a section on risk assessments was a strongly worded series of questions that appeared to shoulder compliance teams with the responsibility for ensuring the safe use of AI tools by their firms.
The Department of Justice’s Evaluation of Corporate Compliance Programs has made the importance of artificial intelligence governance frameworks clear, but it didn’t say what role compliance should play. Here’s the answer.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
