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  • videocam On-Demand
  • signal_cellular_alt Intermediate
  • card_travel Banking and Finance
  • schedule 90 minutes

AI in Banking and Financial Services: Balancing the Benefits of AI With Legal and Regulatory Issues, Risks

Seizing Opportunities, Avoiding Pitfalls, and Establishing Comprehensive AI Risk Management Programs

$347.00

This course is $0 with these passes:

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Description

Banks and financial institutions are quickly adopting the use of AI to streamline and optimize internal processes and to meet evolving customer demands for smarter and more convenient ways to access, spend, save, and invest money. As a result, U.S. regulators and lawmakers have been paying increased attention to--and expressing concerns about--the use of AI in the financial services industry.

The benefits of AI to financial institutions and banks are numerous. Financial services providers are employing AI for several tasks including automating data entry and analysis processes, improving decision-making about factors such as credit risk, enhancing the customer experience by providing personalized recommendations and advice, and fraud detection.

Although banks and financial services institutions using AI may benefit from increased efficiency and reduced transaction times and costs, among other benefits, they must consider potential legal and regulatory risks associated with each new instance of AI use. Regulatory requirements arising under the Bank Secrecy Act, the Dodd-Frank Wall Street Reform, the Consumer Protection Act, and the Basel III framework mandate strict compliance requirements for banks and financial institutions, including risk management, capital adequacy, and consumer protection. Thus, it is imperative for counsel advising on key decisions to fully consider the legal and regulatory implications of each new AI use case.

Listen as our authoritative panel discusses the benefits of AI for banks and financial institutions and provides strategies for managing the risks associated with an AI adoption that evolves with the technology and the ever-changing regulatory landscape.

Presented By

Juan Azel
Partner
Winston & Strawn, LLP

Mr. Azel counsels and assists financial institutions and FinTech companies on the development, implementation, and execution of sound, comprehensive risk management frameworks—including tailored consumer and financial crime compliance management systems (CMS)—that identify, manage and effectively mitigate the risks associated with the development, offering, and delivery of cutting-edge FinTech products and services, such as marketplace lending (MPL) and buy-now-pay-later (BNPL), banking-as-a-service (BaaS), cards, payments, and digital assets, whether conducted directly or through third-party relationships. Mr. Azel serves as general counsel to the Financial & International Business Association and is a member of the Legal Advisory Committee of the American Fintech Council.

Carl Fornaris
Partner, Chair, Financial Innovation and Regulation Practice
Winston & Strawn LLP

With over 32 years of legal experience in the financial services industry, Mr. Fornaris advises a broad range of financial firms, including banks and their holding companies, trust companies, money services businesses, FinTech and payments companies, cryptocurrency and other digital assets firms, investment advisers, securities broker dealers, gaming firms, and other financial institutions and their institution-affiliated parties, including financial institution officers and directors, on all aspects of their business from licensing and chartering to capital-raising, business combinations, new products, BSA/AML compliance, prudential regulation, examination issues, federal and state enforcement defense, and troubled institutions. He is chair of the Financial Innovation & Regulation Practice. Mr. Fornaris represents clients in an extensive range of regulatory, transactional, and administrative enforcement matters, including institution formation and licensing, capital-raising transactions, acquisitions and divestitures, Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance and The Office of Foreign Assets Control (OFAC) sanctions programs—including the Corporate Transparency Act (CTA)—digital assets regulation, FinTech and payments, Dodd-Frank Act compliance, federal and state agency enforcement proceedings and failed bank receivership and resolution advice. Throughout his career, he has counseled clients in their dealings with the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board (FRB), Financial Crimes Enforcement Network (FinCEN), Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), Consumer Financial Protection Bureau (CFPB), Florida Office of Financial Regulation (FOFR), New York Department of Financial Services (NYDFS), and other state supervisory authorities.

Ana Liza Grandner
Chief Payments Officer
The First Bank of the Lake

Ms. Grandner is a financial professional with a career of innovation in Fintech, Banking as a Service, Wealth and Investment Management, and Community Banking. She has worked with industry-leading financial institutions such as Bank of America Merrill Lynch, Citibank, Bancorp, Cross River, and Vanguard. Ms. Grandner previously served as Chief Payments Officer at First Fed Bank. Prior to that role, she helmed the Payroll Protection Program and served as Head of Banking as a Service at Cross River Bank, a cutting-edge payments technology leader and BaaS Provider.  Prior to joining Cross River, she was the Director of Banking as a Service and VP, Private Label Banking Unit Manager at The Bancorp. Her expertise lies in Fintech, Banking as a Service, Payments, Third Party Risk Management, and the development of new payments and banking programs. She is an internationally recognized leader in digital banking and innovation, having been invited to give keynote speeches at conferences on multiple continents.

Credit Information
  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.


  • Live Online


    On Demand

Date + Time

  • event

    Tuesday, January 9, 2024

  • schedule

    1:00 p.m. ET./10:00 a.m. PT

  1. Overview: AI use cases in banks and financial services
  2. Regulatory oversight of AI and AI software implementation
    1. Banking and finance
    2. Lending
  3. Privacy and cybersecurity considerations
  4. Applicable U.S. state law considerations
  5. Actions banks and financial institutions should take now to get ready for AI and financial data privacy regulation
  6. Key takeaways

The panel will review these and other key issues:

  • How are financial services providers and banks currently using AI?
  • What are the federal regulatory developments on the use of AI in banking and financial services?
  • What are the data privacy and cybersecurity considerations with AI?
  • What should banks and financial services providers be doing now to get ready for future AI regulation in the industry?