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Regulators must use their legal authorities to guard against risks posed by the growing role of large technology firms in the financial system, Rohit Chopra, director of the Consumer Financial Protection Bureau, said Monday. The Financial Stability Oversight Council identified the use of artificial intelligence in financial services as a vulnerability in the financial system. This was the first annual report in which the regulator had done so.
"Some of these [tech] firms have been creeping into the financial system by developing networks that move payments and ‘deposits,’ serving as cloud infrastructure players that undergird the digital plumbing of much of the industry, and emerging as foundational models powering new uses of artificial intelligence."
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