This discussion will describe how banks are beginning to explore the use of artificial intelligence tools, highlighting use cases that are perceived to have the most promise. It will provide background regarding banking-specific policy and regulatory issues that create impediments (some real, some perceived) to the broader adoption of artificial intelligence tools by banks. The presentation will close with an overview of the policy frameworks that banking regulators are beginning to use when evaluating the use of AI tools by their regulated institutions.
Kelvin Chen is manager of the Operational Risk & Fintech Section at the Division of Supervision & Regulation at the Federal Reserve Board. His team helps the Federal Reserve System understand and navigate policy issues arising from technological change.
Before joining the Board, Kelvin served as the Bureau of Consumer Financial Protection’s Program Manager for Emerging Payments. There, he led the agency’s policy response to various payment innovations, such as virtual currencies. In prior roles, Kelvin led the Bureau’s study of mandatory arbitration provisions, a statutory prerequisite to the agency’s rulemaking on the same; advised agency principals at the Federal Trade Commission on policy and enforcement matters; and was a litigator in the New York offices of Morrison & Foerster LLP and Cadwalader, Wickersham & Taft LLP. His practice focused on complex commercial litigation, securities fraud, and digital copyright issues.
Kelvin studied Systems Engineering and Mathematics at the University of Pennsylvania and attended New York University School of Law.
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