Investment

In a string of speeches last week, the top federal banking regulators outlined goals and framed their thinking about artificial intelligence in financial services, but the biggest questions around liability and widespread adoption remain unanswered.

The National Credit Union Administration lacks the authority to regulate third-party vendors that supply vital services to the industry. This creates a major risk to credit union customers and the broader U.S. economy.

While companies tend to amp up warnings to consumers about fraud and scams during the holidays, institutions may also need to bulk up their defenses.

While the risks, benefits and magnitude of artificial intelligence's impact on financial services remain unclear, agencies should keep an open mind toward the technology and avoid reflexive risk aversion in bank supervision, Federal Reserve Gov. Michelle Bowman said.

The 2.0 version, expected to launch next year, will provide more detailed responses based on more complex, humanlike thought processes.

The breach, which occurred earlier in November, did not directly impact customer operations, but a threat actor stole data meant for customers.

Acting Comptroller of the Currency Michael Hsu said that while artificial intelligence is a potentially transformative technology, regulators should be wary of waiving liability for its use in banking.

As banks continue investing in technology to boost productivity, they aren't losing sight of their call centers' human sides. Even as AI grows in importance, agents are more important than ever

The five-part framework suggests both technical and governance solutions to protect consumers from losing money to scammers and fraudsters.

The card brand uses a new form of generative AI that improves data sourcing, making human involvement less necessary.