This month, the sponsors of the Uniform Commercial Code (“UCC”) approved wide-ranging amendments to the UCC (the “2022 UCC Amendments”)[1] to provide workable rules for emerging technologies, such as distributed ledger technology and virtual currency.
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Sandra M. Rocks
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Treasury Report Embraces Machine Learning and Artificial Intelligence in Financial Services
By Pamela L. Marcogliese, Colin D. Lloyd, Sandra M. Rocks & Lauren Gilbert on
Artificial intelligence and machine learning (for simplicity, we refer to these concepts together as “AI”)[1] have been hot topics in the financial services industry in recent years as the industry wrestles with how to harness technological innovations. In its report on Nonbank Financials, Fintech, and Innovation released on July 31st, the Treasury Department (“Treasury”) generally embraced AI and recommended facilitating the further development and incorporation of such technologies into the financial services industry to realize the potential the technologies can provide for financial services and the broader economy.
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The OCC’s New FinTech National Banking Charter
By Michael H. Krimminger, Pamela L. Marcogliese, Daniel Ilan, Hugh C. Conroy, Jr. & Sandra M. Rocks on
Posted in Regulatory, United States
On December 2, 2016, Comptroller Thomas J. Curry of the Office of the Comptroller of the Currency (“OCC”) announced that the OCC will move forward with chartering financial technology (“FinTech”) companies that offer bank products and services and meet the OCC’s chartering requirements. However, while encouraging, the announcement, and the OCC paper released with it, left many issues unresolved.
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