Financial Services

US elected officials have the responsibility to decide on appropriate use of artificial intelligence in the financial sector, Federal Reserve Governor Lisa Cook said. The Fed’s only role with AI should be as a... (more story)

Paresh Raja, the founder of mortgage broker Market Financial Solutions, has blamed Barclays for the collapse of the company with debts of more than £1 billion, adding that he wasn’t responsible for fraud there... (more story)

EU lawmakers are preparing a non-binding position on banking competitiveness following the publication of the European Commission’s report on the matter in July. The European Parliament’s Economic Affairs Comm... (more story)

Banks’ operational risk from exposure to artificial intelligence should be subjected to stress tests, a Federal Reserve Bank of New York official said. Mihaela Nistor, the New York Fed’s Chief Risk Officer, to... (more story)

US stablecoin issuers would have to fully back their cryptocurrencies with quality liquid reserves at all times and would have to diversify these assets under a rule proposal issued by the Federal Reserve. The... (more story)

US Securities and Exchange Commission member Hester Peirce said cryptocurrency regulators should retreat on citizen information-gathering because it is counter-productive. “The excessive regulatory focus on da... (more story)

The US Securities and Exchange Commission is bringing fewer but higher quality enforcement cases, according to  SEC Enforcement Director David Woodcock – a claim scoffed at Wednesday by the SEC’s former intern... (more story)

The US Federal Reserve’s operational improvements to its discount window since the spring 2023 collapse of three banks have made it more likely firms will access the window and less likely they will be forced ... (more story)