Fed's Bowman Works With Visa and MasterCard on AI Banking Risks

โดย Yahoo Finance·US·Read original
Summary · why it matters

Federal Reserve Vice Chair of Supervision Michelle Bowman is working to secure the banking system against AI-related risks, partnering with Visa and MasterCard to guard against potential cyberattacks. Bowman said the largest banks can use the technology and mitigate its risks, but smaller institutions, especially community banks, need closer scrutiny. She is working with service providers to ensure they test technology shared with smaller banks so it does not carry vulnerabilities that could harm end consumers. Separately, Richmond Fed President Tom Barkin said the supply shocks from tariffs and higher oil prices, layered on top of inflation that has stayed above the Fed's 2% target for more than five years, are not proving short-lived, which is why the Fed opted to hike rates last week. Barkin pointed to the possibility of more tariffs, the protracted conflict in the Middle East and the continuing AI buildout pressuring supply chains, and while he did not say how many more rate hikes might come, he left the door open to them.

Impact on assets 4

Digital Finance & Tokenization▲ · 2 stocks
Mastercard Inc
MA
± MixedRegulationrelevance

Fed's Bowman is partnering with Mastercard to test AI technology for cyber-risk vulnerabilities in the banking system.

Visa Inc. Class A
V
± MixedRegulationrelevance

Fed's Bowman is partnering with Visa to test AI technology for cyber-risk vulnerabilities in the banking system.

Others▲ · 2 stocks

Theme Impact 2

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