Fed’s Barr discusses AI adoption by banks and its risks

On November 11, the Fed’s Michael Barr addressed a fintech festival, highlighting the Fed’s focus on AI as it reshapes the economy and financial system. Barr outlined three key points: (i) AI will transform economies; (ii) the financial sector is adopting AI rapidly and must manage the risks; and (iii) central banks, including the Fed, must accelerate their own AI adoption….
By: Orrick, Herrington & Sutcliffe LLP