A recent survey by Compliance Week revealed that nearly 70 percent of organizations use AI, but do not have adequate AI governance. This is shocking. But the most alarming part is that these organizations do not perceive that...more
12/20/2024
/ Artificial Intelligence ,
Bad Actors ,
CFTC ,
Class Action ,
Compliance ,
Cybersecurity ,
Deep Fake ,
Equal Employment Opportunity Commission (EEOC) ,
Financial Institutions ,
Governance Standards ,
Insurance Industry ,
Penalties ,
Securities and Exchange Commission (SEC)
Imagine this scenario: A financial institution adopted AI to automate credit decisions, but due to an inadequate governance framework, the system denied loans based on incomplete or biased data. When regulators and customers...more
Bank mergers and acquisitions are becoming a regular part of life in the banking industry, especially for smaller and medium-sized organizations. They provide significant opportunities for institutions to expand their...more
1/18/2023
/ Acquisitions ,
Anti-Money Laundering ,
Audits ,
Banks ,
Compliance ,
Consumer Protection Laws ,
Financial Crimes ,
Financial Institutions ,
FinTech ,
Infrastructure ,
Integration ,
Investment ,
Know Your Customers ,
Lending ,
Mergers ,
Penalties ,
Regulatory Standards ,
Risk Assessment ,
Risk Management
Recently, several financial technology (“Fintech”) organizations have applied for – and been granted – banking charter licenses. For example, in May 2019, Grasshopper was approved for a charter issued by the Office of the...more
In 2021, Square, Inc. (“Square”) announced that it had commenced banking operations under its independently governed subsidiary industrial bank, Square Financial Services (“Square Financial”). ...more
1/25/2022
/ Banks ,
Consumer Financial Products ,
Consumer Lenders ,
Credit Access ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Innovative Technology ,
Online Platforms ,
Square ,
Startups