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I guess it’s time to add AI to the weekly regulatory hit parade that already includes crypto, ESG (especially the “E” for environmental), risk management and other popular topics. 

First we had a much-publicized survey paint a doomsday picture of AI, with 42 percent of CEOs at the Yale CEO Summit warning that AI has the potential to destroy humanity five to ten years from now. Then, in a much less breathless pronouncement, Acting Comptroller of the Currency Michael Hsu still cautioned in an American Bankers Association speech that regulators need to arrive at a place “where responsible and purposeful innovation can be brought to market and a combination of controls, culture and common sense can prevent irresponsible innovations from emerging.” My colleague Mercedes Tunstall takes a closer look at these noteworthy observations from Acting Comptroller Hsu.

Lots more to read this week, including important guidance from the CFTC and, in the UK, the FCA, along with a look at comments from Assistant Attorney General Jonathan Kanter on the ongoing review of Bank Merger Guidelines.

What are your experiences in these areas? I'd love to discuss. You can reach me here.

Daniel Meade 
Partner and Editor, Cabinet News and Views

June 22, 2023
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