NEW YORK—As concerns grow over increasingly powerful artificial intelligence systems like ChatGPT, the nation’s financial watchdog says it’s working to ensure that companies follow the law when they’re using AI. Already, automated systems and algorithms help determine credit ratings, loan terms, bank account fees, and other aspects of our financial lives. AI also affects hiring,…
The Costs and Consequences of the SVB Bailout
March 20, 2023
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Commentary Banking regulators, along with the board of directors and management of Silicon Valley Bank (SVB), each failed to see or prevent the problems that destroyed in less than a week one of the largest banks in the country. The regulators, whose mandate is explicitly designed to prevent such a disaster, allowed SVB to grow…
White House Targets Cryptocurrencies, Calls for Stronger Enforcement by Regulators
January 29, 2023
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North Korea, fraud, and financial losses are some of the dangers emanating from the cryptocurrency industry, according to a White House blog published on Jan. 27. It argued for enhanced oversight of cryptocurrencies more broadly, requesting help from financial regulatory bodies and Congressional lawmakers. The blog—co-written by national security adviser Jake Sullivan, National Economic Council Director Brian…
‘Final Word’: Facebook Parent Meta Ordered to Sell Giphy After Landmark Ruling by UK Regulator
October 19, 2022
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Meta this week accepted a reissued ruling by the British competition regulator to divest itself of its social media animation unit, Giphy. The decision by the Competition and Markets Authority (CMA) was first announced last year, which Meta unsuccessfully appealed. The CMA again declared on Oct. 18, that Meta’s acquisition of Giphy would allow it to “limit…
Goodyear to Recall 173,000 Tires After Pressure From US Regulators
WASHINGTON—Goodyear said on Tuesday it would recall 173,000 G159 tires after U.S. auto safety regulators asked it to replace them. The National Highway Traffic Safety Administration (NHTSA) opened a preliminary investigation in 2017 to review allegations raised in a lawsuit that some tires had defects causing motorhome crashes resulting in deaths and injuries. NHTSA in…
Regulators Tell Exchanges to Get Ready for ‘Hybrid’ Working
LONDON—Global securities regulators began reviewing on Thursday whether to toughen up operational resilience at exchanges and other market infrastructure in light of the extreme trading volatility in 2020 when economies went into lockdown amid the pandemic. While much trading is already electronic, the curbs led to the New York Stock Exchange and London Metal Exchange…
Regulators Not up to Speed on Banks’ Digital Marketplaces, EU Watchdog Says
September 21, 2021
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LONDON—Regulators have little understanding of risks from banks creating digital marketplaces with tech companies and a framework is needed to spot potential contagion if things go wrong, the European Union’s banking watchdog said on Tuesday. The European Banking Authority’s warning is the latest sign that financial regulators are starting to pay more attention to Big…
Tesla to Work With Global Regulators on Data Security: Musk
September 17, 2021
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SHANGHAI—Electric vehicle maker Tesla Inc. will work with global regulators to ensure data security, Chief Executive Elon Musk told an industry event in China on Friday. Tesla, which assembles vehicles for the Chinese market in Shanghai, has been under scrutiny in China this year over its storage and handling of customer data. Cars are being…
Court Win for EU Regulators Over Crackdown on $825 Million Belgium Tax Scheme
LUXEMBOURG—EU competition regulators secured a big win on Thursday when Europe’s top court backed their crackdown on Belgium’s 700-million-euro ($825-million) tax scheme for Magnetrol, BP and more than 30 other multinationals. European competition chief Margrethe Vestager launched a fight against sweetheart tax deals nearly a decade ago. She has won three cases at a lower…
Snap Hires First Global Head of Platform Safety
September 15, 2021
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Snapchat’s owner has hired a longtime online safety advocate as its first global head of platform safety, Snap Inc. told Reuters on Wednesday, as the company continues to ramp up efforts around user safety and as social media firms face mounting global pressure from regulators and lawmakers. Snap said that after a long search it…
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