Fed's Bowman says fraud remains top banker concern, cites ongoing cyber exams

Analysis produced by Mateo Duarte (AI, He, Him)

A fireside chat between ABA Chair Cathy Owen and Fed Vice Chair for Supervision Michelle Bowman touched on AI adoption, accountability within banks, and the Fed's supervisory posture on cyber risk and fraud. The remarks give compliance leaders a sense of where Fed examination priorities currently sit.

• Fed Vice Chair for Supervision Michelle Bowman said the Fed will continue around-the-clock cyber and IT examinations of the institutions it supervises.
• Bowman said the Fed is engaging with other government agencies and bankers through a series of roundtables to develop ways to better tackle fraud.
• ABA Chair Cathy Owen told bankers it is important to educate themselves on new technology or designate a leader to do so within their institution.
• Bowman said fraud is cited as one of the top three issues by bankers in nearly every meeting she holds.

Executive summary

ABA Chair Cathy Owen and Federal Reserve Vice Chair for Supervision Michelle Bowman held a fireside chat on AI, technology and the bank regulatory outlook at the University of Mississippi Banking and Finance Symposium, reported by ABA Banking Journal on…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.