Barr: ‘now is the time’ to prepare for AI-driven job losses
Federal Reserve Gov. Michael Barr said artificial intelligence has not yet had a material impact on the labor market, but governments and businesses should be prepared nonetheless.
SEC urges rigor as private credit market expands
The Securities and Exchange Commission issued a notice reminding companies to be rigorous in valuing private credit-related assets and disclosing their valuation techniques to investors.
Bowman: AI cyber threats need ‘proactive risk management’
The Federal Reserve’s top regulator said Tuesday that bank boards, managers should be active in preventing cyber incidents, but supervisory oversight needs to be tailored by size and complexity.
Citi extends fiat-stablecoin interoperability with Coinbase
Citi has been spending a lot of time recently trying to help its customers release trapped liquidity, CEO Jane Fraser said during the keynote address at Sibos in Miami.
The FDIC’s fintech certifications end where partnership risks begin
An FDIC plan to help community banks evaluate potential fintech partners is valuable, as far as it goes. But it cannot account for the unique and specific risks that arise when two companies operate in partnership.
Tech leaders say AI could end humanity. Banks still love it
The American public has soured on AI amid dire warnings about the technology’s safety. But at banks, the approach is still full steam ahead.
Credit-union CEO ousted over viral ‘Lake America’ photo
The CEO of a Michigan credit union was ousted after an AI-altered photo of her family wearing “Lake America” sweatshirts went viral, drawing criticism from Canadians.
Why Tether’s Iran problem is a bank partner problem
A Senate report found that 84% of 846 sanctioned Iran-linked wallets ran on USDT.
Firms push to make private markets more like publics
As regulators lower regulatory hurdles, many advisors are seeking greater access to private investments, while asset managers and fintechs are trying to eliminate technical barriers keeping regular investors out.
Navigating the pitfalls and perks of private-placement life insurance
Private-placement life insurance can offer tax-free growth and alternative investments for ultrawealthy clients, but advisors warn it isn’t right for everyone who can afford it.