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Artificial Intelligence (AI) started grabbing headlines just a couple of years ago, and with it came many concerns
The announced adjustments are effective July 1, 2025
The regulation places responsibility on banks to measure safeguarding assets and obligations on their balance sheets
Report by American Banker found AI is being used to streamline compliance, loan processing and underwriting
CDFIs originated $67 billion and sold in the region of $14 billion in loans for the year 2022
Jobless claims on Thursday cleared 231,000 for the week, a 9-month high
US economy is forecasted to grow by 2.6% in 2024
The regulation aims to ensure leaders of financial institutions do not take on excessive risk
Many providers charge complex and costly maintenance and exit fees
More than half of banks lost between $5 million and $25 million to AI-based crime last year
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