Artificial intelligence could come with both advantages and risks in the financial system, cautions the Federal Reserve’s chief banking regulator. Michael S. Barr, the Fed Vice Chair for Supervision, told the National Fair Housing Alliance 2023 National Conference on July 18 that underserved communities could have greater access to housing because AI technology, such as…
Top Fed Regulator Cautions AI Risks Violating Lending Laws
July 19, 2023
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Fed Official Proposes Increased Capital Requirements for Big Banks
Michael S. Barr, the Federal Reserve’s vice chair for supervision, outlined a sweeping initiative to bolster capital requirements for the nation’s largest banks to enhance the resilience of the U.S. banking system. The main proposal is mandating the largest banks to hold an extra two percentage points of capital, or an additional $2 of capital…
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