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McWilliams: FDIC will take the lead in AI if other regulators won't

Tuesday, August 6, 2019   (0 Comments)
Posted by: Amanda Averch
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The Federal Deposit Insurance Corp. wants to join with other regulators to prepare guidance for banks on how to use artificial intelligence but will move forward even if other regulators don't agree, said FDIC Chairman Jelena McWilliams. The agency is also considering replacing government contractors used to create regulatory technology by reaching out to non-traditional partners that will "help avoid the limitations of monolithic, government-imposed technological mandates that are too expensive and out-of-date by the time they are developed."

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