On December 14, the Financial Stability Oversight Council (FSOC) issued its 2023 Annual Report, addressing financial stability risks and providing recommendations. CFPB Director Rohit Chopra emphasized the need for action, not just reports, regarding digital technology’s impact on financial stability. The report affirms the overall resilience of the U.S. banking system but highlights regional banks’ higher exposure to commercial real estate loans.
Climate-related financial risks are identified as a threat, encompassing physical (e.g., floods) and transitional (e.g., policy shifts) risks. The FSOC notes a rise in climate disaster events, emphasizing the importance of monitoring third-party service providers, especially fintech firms, due to potential risks in core processing, payment services, and cloud computing. The report underscores human error as a significant factor in cloud breaches.
Notably, the FSOC is the first major regulator to identify Artificial Intelligence (AI) as an “emerging vulnerability” in the U.S. financial system. While acknowledging AI’s benefits, such as fraud detection and cost reduction, the report emphasizes the need for thoughtful implementation and supervision to mitigate potential risks.
By FCCT Editorial Team freeslots dinogame telegram营销
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}