AI in Banking and Financial Services: Balancing the Benefits of AI With Legal and Regulatory Issues, Risks
Seizing Opportunities, Avoiding Pitfalls, and Establishing Comprehensive AI Risk Management Programs
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE webinar will examine the legal and regulatory issues associated with banks and financial institutions using artificial intelligence (AI) in the areas of fraud detection, customer service, and credit risk assessments. The discussion will include the latest in regulatory developments and how banks and financial institutions should approach AI adoption with a comprehensive strategy that includes addressing biases, ensuring data privacy, complying with regulations, and maintaining transparency and accountability to mitigate the risk of civil or regulatory actions.
Outline
- Overview: AI use cases in banks and financial services
- Regulatory oversight of AI and AI software implementation
- Banking and finance
- Lending
- Privacy and cybersecurity considerations
- Applicable U.S. state law considerations
- Actions banks and financial institutions should take now to get ready for AI and financial data privacy regulation
- Key takeaways
Benefits
The panel will review these and other key issues:
- How are financial services providers and banks currently using AI?
- What are the federal regulatory developments on the use of AI in banking and financial services?
- What are the data privacy and cybersecurity considerations with AI?
- What should banks and financial services providers be doing now to get ready for future AI regulation in the industry?
Faculty
Juan Azel
Partner
Winston & Strawn
Mr. Azel counsels and assists financial institutions and FinTech companies on the development, implementation, and... | Read More
Mr. Azel counsels and assists financial institutions and FinTech companies on the development, implementation, and execution of sound, comprehensive risk management frameworks—including tailored consumer and financial crime compliance management systems (CMS)—that identify, manage and effectively mitigate the risks associated with the development, offering, and delivery of cutting-edge FinTech products and services, such as marketplace lending (MPL) and buy-now-pay-later (BNPL), banking-as-a-service (BaaS), cards, payments, and digital assets, whether conducted directly or through third-party relationships. Mr. Azel serves as general counsel to the Financial & International Business Association and is a member of the Legal Advisory Committee of the American Fintech Council.
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Carl Fornaris
Partner, Co-Chair, Financial Services Practice, Co-Chair Digital Assets and Blockchain Technology Group
Winston & Strawn
Mr. Fornaris is co-chair of the Financial Services Practice and co-chair of the Digital Assets and Blockchain... | Read More
Mr. Fornaris is co-chair of the Financial Services Practice and co-chair of the Digital Assets and Blockchain Technology Group. With nearly 30 years of legal experience, he advises a broad range of financial services firms, including banks and their holding companies, trust companies, money services businesses, payments and FinTech companies, cryptocurrency and other digital assets firms, investment advisers, securities broker dealers, gaming firms, and other financial institutions and institution-affiliated parties, including financial institution officers and directors, on all aspects of their business. He represents clients in an extensive range of regulatory, transactional, and administrative enforcement matters, including institution formation and licensing, capital-raising transactions, acquisitions and divestitures, Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance and The Office of Foreign Assets Control (OFAC) sanctions programs—including the Corporate Transparency Act (CTA)—cryptocurrency regulation, payments and FinTech, Dodd-Frank Act compliance, failed bank receivership and resolution advice, and federal and state agency enforcement proceedings.
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Ana Liza Grandner
Chief Payments Officer
The First Bank of the Lake
Ms. Grandner is a financial professional with a career of innovation in Fintech, Banking as a Service, Wealth and... | Read More
Ms. Grandner is a financial professional with a career of innovation in Fintech, Banking as a Service, Wealth and Investment Management, and Community Banking. She has worked with industry-leading financial institutions such as Bank of America Merrill Lynch, Citibank, Bancorp, Cross River, and Vanguard. Ms. Grandner previously served as Chief Payments Officer at First Fed Bank. Prior to that role, she helmed the Payroll Protection Program and served as Head of Banking as a Service at Cross River Bank, a cutting-edge payments technology leader and BaaS Provider. Prior to joining Cross River, she was the Director of Banking as a Service and VP, Private Label Banking Unit Manager at The Bancorp. Her expertise lies in Fintech, Banking as a Service, Payments, Third Party Risk Management, and the development of new payments and banking programs. She is an internationally recognized leader in digital banking and innovation, having been invited to give keynote speeches at conferences on multiple continents.
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