AIR creates seminal thought leadership and new intellectual capital to expand an exploration of "regulation innovation." Our goal is to refine and amplify ideas on difficult, critical path issues through papers, op-eds, speeches and more. Our hope is to spark ideas, dialogue and digitally-native projects that promote a more fair financial system.

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Advancing Digital Identity: Building Essential Infrastructure

In March 2024, AIR partnered with the Aspen Institute to convene two roundtables with a cross-section of digital identity experts. This brief summarizes the dialogue and next steps, and extends an invitation to engage with this work.

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AI: Transforming the Future or Triggering Fear? Generative Artificial Intelligence and Its Impact on Financial Consumers and Regulators

Authored by AIR Senior Advisor and former global regulator F. Christopher Calabia, this paper examines the transformative potential and risks associated with the deployment of generative artificial intelligence (GenAI) in the financial services sector.

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Incentivizing Gigaton-Scale Carbon Dioxide Removal via a Climate-Positive Blockchain

The paper looks at a new crypto token that incentivizes the removal of carbon dioxide from the atmosphere at gigaton scale using direct air carbon capture and storage (DACCS).

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AIR and Google Release Paper on Applying Model Risk Management Guidance to AI

The paper argues that MRM guidance, given its broad, principles-based approach, continues to provide an appropriate framework for assessing financial institutions’ management of model risk, even for Risk AI/ML models.

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AIR Coauthors Paper on MDI Digital Modernization

The paper, released with the National Bankers Association and Visa Economic Empowerment Institute, lays out a case for using a shared-technology model to help Minority Depository Institutions (MDIs) enhance digital capability and product offerings.

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The Financial Conduct Authority’s Innovation Journey: Moving Forward in the Face of Uncertainty

Written by former Office of the Comptroller of the Currency Chief Counsel and AIR Advisory Council member Amy Friend, this paper seeks to analyze and identify the key drivers of the success of the FCA’s innovation initiatives. We at AIR hope it will be an invaluable source of both information and inspiration for the FCA’s regulatory peers throughout the world.

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Regtech Manifesto

Financial regulators face an enormous challenge: the industry they oversee is digitizing so fast that it’s hard for them to keep pace. They will have to convert to digital age methods or run the risk of failing to detect risks and problems in the financial system. This paper is a Request for Comment (RFC) calling for gradual but urgent conversion of the financial regulatory system to a “digitally-native” framework that equips regulators with the data and analytical tools they need to protect consumers, combat financial crime, and assure financial stability and resilience.

Regtech Manifesto
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Harvard Kennedy School Papers on Financial Inclusion

50 years of traditional US regulation aimed at promoting financial inclusion and fairness for consumers has largely failed. This series of six Harvard papers argues that new technology can both protect consumers from harm and widen their access to affordable financial services.

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