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June 9, 2023 |
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Features
Algorithms such as the one driving ChatGPT that can quickly produce slick new content, whether text, images or other simulations, are now readily available at no cost, a development that should give every banker pause.
The OCC released a revised policies and procedures manual detailing actions OCC examiners may take against banks with "persistent weaknesses."
The cost of regulatory compliance will likely drive an increase in merger and acquisition activity among community banks, with new regulations regarding Section 1071 and the Community Reinvestment Act being a major concern, members of the Community Depository Institutions Advisory Council told the Federal Reserve.
Federal banking regulators issued long-awaited joint guidance for financial institutions when managing risks associated with third-party relationships, including relationships with technology providers.
The CFPB warned financial institutions that they are legally obligated to "competently interact with customers" about financial products or services even if those interactions occur through chatbots powered by artificial intelligence.
Training
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