Various federal agencies recently issued a request for information (RFI) which seeks insight into the financial industry's use of AI in the provision of financial services to customers and appropriate AI governance, risk management and controls. The RFI reflects the federal agencies' increasing interest in AI, particularly regarding the risks that it poses to consumers and the safety and soundness of financial institutions.
The Federal Reserve Board recently published guidance for examiners on how to assess a supervised firm's progress in its transition away from the use of the London Interbank Offered Rate (LIBOR). This article summarises the notable features of this guidance. Firms should allocate adequate attention and resources to the effective design, implementation and execution of their LIBOR transition plans