On Oct. 19, the Board of Governors of the Federal Reserve System (the Board), the Office of the Comptroller of the Currency (the OCC) and the Federal Deposit Insurance Corporation (the FDIC, and collectively with the Board and the OCC, the Agencies) issued a joint advanced notice of proposed rulemaking (ANPR) inviting comment regarding enhanced cyber risk management standards for large and interconnected entities under their supervision and those entities’ service providers. As financial technology continues to advance, the largest, most complex financial institutions have relied more and more on technology to carry out their banking activities and to provide critical services to the financial sector and the U.S. economy. In the event of a cyber attack on a covered entity, the ANPR is intended to enhance the covered entity’s ability to continue to function and to reduce the overall impact on the financial system resulting from interconnectedness.
Artificial intelligence has been hailed for the promise of breakthrough innovations but also the object of concern by such notable voices as Bill Gates, Stephen Hawkins, and Elon Musk. To explore the issues presented, the White House conducted a review of the opportunities, risks, and regulatory implications of artificial intelligence. Last week, the White House released a comprehensive report, Preparing for the Future of Artificial Intelligence, reflecting a culmination of its review, including public comment and several public workshops that were co-hosted by the White House Office of Science and Technology Policy with the National Economic Council, as well as non-profit and academic organizations.