Senate AI Measure Tackles Financial Services
The text of the key Senate AI bill, S. 3050, has now become available.
Banking Agencies Offer Olive Branch
Reflecting strong pressure and recent FRB Chair Powell statements, the FRB today announced the launch of an open data collection assessing the rule’s effects – an issue on which many bank comment letters and Congressional Republicans have been scathing.
GOP Renew Funding Campaign vs. CFPB via Fed Losses
HFSC Vice Chairman Hill (R-AR) yesterday reintroduced legislation pressuring both the Fed and CFPB by prohibiting the Fed from transferring its earnings to the Bureau if the Fed incurs an operating loss.
FinCEN Highlights Hamas Sanction Red Flags
Reflecting ongoing Congressional pressure and recent Treasury sanctions, FinCEN today issued an alert reminding financial institutions to remain vigilant for suspicious activity related to Hamas funding sources.
Fed Stays Stoic on Financial-Stability Outlook
The FRB today released is semiannual financial-stability report differing little from the relatively-sanguine outlook in its May report (see Client Report SYSTEMIC94).