Weekly Wrap: Federal Reserve vice chair disses digital currency

Banks, Internet companies sound off on whether feds need AI regs This week, Bank Automation News discusses comments made by U.S. Federal Reserve Vice Chair for Supervision Randal Quarles’ to the Utah Bankers Association Convention this week, in which he compared central bank digital currency (CBDC) to the ill-conceived parachute pants of the 1980s.

This week, Bank Automation News discusses comments made by U.S. Federal Reserve Vice Chair for Supervision Randal Quarles’ to the Utah Bankers Association Convention this week, in which he compared central bank digital currency (CBDC) to the ill-conceived parachute pants of the 1980s.  
The BAN team also delve into recent public responses to a federal request for information on artificial intelligence and machine learning in the financial sector. While banks told federal agencies they have enough regulations, the Internet Association, which represents Google, Microsoft, Amazon and other internet titans, suggested the federal government issue guidance on AI explainability.  
Find a discussion of these topics and more in today’s episode of the Weekly Wrap with BAN Editor Myra Thomas and  Associate Editors Jaspreet Kalra and Loraine Lawson for the week ended July 2, 2021. 

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