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July 21, 2023 |
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 Features
Full-population testing eliminates the potential for unknown compliance violations and empowers financial institutions to address issues quickly.
It has never been the Federal Reserve’s policy to discourage banks from offering accounts or services to law-abiding businesses, and pursing such an aim is not a part of the agency’s work looking into climate-related financial risk, said Michael Gibson, director of supervision and regulation at the Fed.
ABA offered feedback on a recent request by Nacha for comment on four risk management topics that could inform future actions by the organization, although no specific rules have been proposed.
The Basel Committee on Banking Supervision issued a consultative document updating its core principles for effective banking supervision—a universally applicable set of global standards for the sound prudential regulation and supervision of banks.
Federal agencies should be held to the same standards as private companies when protecting consumer data and reporting cybersecurity incidents, ABA and two financial sector trade associations said in response to legislation that would upgrade the federal government’s cybersecurity procedures.
While artificial intelligence and machine learning have enormous potential, Federal Reserve Vice Chairman for Supervision Michael Barr cautioned that "they also carry risks of violating fair lending laws and perpetuating the very disparities they have the potential to address."
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