AIR partnered with Google to host a webinar, ‘AI and Financial Regulation: Exploring Benefits and Managing Risks’. Artificial intelligence and machine learning (AI/ML) are transforming the way financial services institutions monitor and mitigate risk and ensure regulatory compliance. The discussion included policymakers, thought leaders, technologists, and AI/ML subject matter experts to learn more about AI/ML advances, regulatory considerations, and ways to maximize the benefits and mitigate the risks of these new technologies.
AIR partnered with Consumer Reports and Consumer Federation of America to host a virtual convening on three hot issues in emerging consumer financial services. We gathered thought leaders from all corners of the money ecosystem to discuss consumer financial data permissioning, cryptocurrencies and new forms of lending. Is innovation bad for consumers? Panelists included academics, advocates, business leaders, and regulators about the benefits of new technology and how we can create a marketplace where fair financial services predominate.
Community banks are essential to America's wellbeing but are under stress today from multiple forces. Challenged to compete with both large banks and fintechs, smaller institutions are well positioned to pioneer focused innovation in financial services, but need access to innovative technology that equips them to meet customers’ rising expectations and to contain operating and compliance costs.
AIR facilitated a lively conversation among globally-leading thinkers from across the financial regulatory ecosystem -- a banker, a tech expert, a regulator, and a leader of the global regulatory innovation community. Each proposed the most practical steps to take, now, to rapidly advance regtech progress. Each suggested the game-changing strategies to launch, now, to make the next decade produce an interoperable, data-centered, AI-enabled regulatory system. From digital regulatory reporting to machine-readable regulation, what should we do and where should we start, to realize the goal of genuinely fair finance? Read the Fair Finance Report here.
As a follow up to the Introduction to Open Source, AIR partnered with the UK Financial Conduct Authority (FCA) and the U.S. Financial Consumer Protection Bureau (CFPB) to share regulators’ direct experience using Open Source.
AIR launched its new learning program, air.ed, with a webinar on Open Source — this is the first in a series of technology air events for regulators. The event was co-hosted by the Fintech Open Source Foundation, FINOS, and covered the basics of Open Source and its potential in financial regulation.
AIR and the Omidyar Network asked the Buckley law firm to prepare a pro bono analysis of federal laws and protocols that may impede technology innovation by U.S. financial regulators. The Buckley study, entitled Innovation by Financial Regulators: Administrative and Regulatory Hurdles to Innovation, is based on off-the-record interviews with a range of agency officials regarding obstacles to such efforts. We held a one-hour briefing on the report on Capitol Hill.
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