Warren Warns Fed's Updated Bank Supervision Policy Ignores AI Cyber Threats
Originally published:
Senate Banking ranking member Elizabeth Warren has written to Federal Reserve Vice Chair for Supervision Michelle Bowman, arguing that a September update to the Fed's supervisory policy weakens, rather than strengthens, bank examiners' ability to counter AI-enabled cyberattacks. Warren contends that advancing AI tools are expanding the ability of malicious actors to target the financial system.
Why it matters for finance
Finance and treasury professionals at federally regulated banks should track potential regulatory responses to this legislative pressure, as any resulting changes to supervisory cybersecurity standards could affect compliance programmes and audit obligations.
Original source: bloomberglaw.com