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Category Archives: Financial System

AI in Banking and Finance – September 30, 2023

Via LLRXAI in Banking and Finance – September 30, 2023 – This semi-monthly column by Sabrina I. Pacifici highlights news, government reports, industry white papers and academic papers on the subject of AI’s fast paced impact on the banking and finance sectors. Four highlights from this week: European Central Bank Is Experimenting With a New Tool: A.I.; UM expert testifies on the dangers of AI in banking; 80% of Large Enterprise Finance Teams Will Use Internal AI Platforms by 2026.; and Five Use Cases for CFOs with Generative AI. Q&A with Alex Bant.

H&R Block, Meta, and Google Slapped With RICO Suit

Gizmodo: “Anyone who has used H&R Block’s tax return preparation services in recent years may have unintentionally helped line Meta and Google’s pockets. That’s according to a new class action lawsuit which alleges the three companies “jointly schemed” to install trackers on the H&R Block site to scan and transmit tax data back to the… Continue Reading

OIG Report – Material Loss Review of Silicon Valley Bank

“The Office of Inspector General for the Federal Reserve System and the Consumer Financial Protection Bureau (CFPB) released Evaluation Report 2023-SR-B-013, Material Loss Review of Silicon Valley Bank, September 25, 2023, a review of the Federal Reserve Board’s supervision of Silicon Valley Bank. In a letter responding to the OIG’s report, the Federal Reserve Board’s… Continue Reading

How Americans see the state of gender and leadership in business

“Women now account for record shares of Fortune 500 chief executives and board members in the United States – 10.6% and 30.4%, respectively. Still, the share of women in top business leadership positions remains well below their share of the population. A majority of Americans (55%) say there are too few women in top executive… Continue Reading

Supreme Corporate Tax Giveaway: Who Would Benefit from the Roberts Court Striking Down the Mandatory Repatriation Tax?

Roosevelt Institute and the Institute on Taxation and Economic Policy (ITEP): Executive Summary – “Later this year, the Supreme Court will hear what could become the most important tax case in a century. In Moore v. US, ostensibly about the tax liability of an American family with minority shares in an Indian farming firm, the… Continue Reading

You Can Now Get Your Free Credit Report Every Week, Forever

Lifehacker: “Monitoring your credit history regularly reduces the likelihood that reporting errors (best case) or identity theft (worst case) will derail your financial health—and you can now do this at no cost every single week, indefinitely, through Equifax, Experian, and TransUnion. Prior to the COVID-19 pandemic, each credit bureau offered one free credit report per… Continue Reading

SEC obtains Wall Street firms’ private chats in probe of WhatsApp, Signal use

Ars Technica: “The US Securities and Exchange Commission has “collected thousands of staff messages from more than a dozen major investment companies” as it expands a probe into how employees and executives at Wall Street firms use private messaging platforms such as WhatsApp and Signal, Reuters reported today, citing “four people with direct knowledge of… Continue Reading

Delegitimizing the Supreme Court: The Lessons of Dred Scott

Booth, Jonathon, Delegitimizing the Supreme Court: The Lessons of Dred Scott (August 28, 2023). 51 UC Law Constitutional Quarterly, Forthcoming, Available at SSRN: “This Article examines how anti-slavery Republicans delegitimized the Supreme Court in the aftermath of Dred Scott v. Sandford, 60 U.S. 393 (1857) and compares this history to contemporary attempts to reform… Continue Reading

Behind the Scenes at ‘Have I Been Pwned’

Via Slashdot and contributor slincolne [the link is behind a paywall]: “The founder of the data-breach notification site Have I Been Pwned manages “the largest known repository of stolen data on the planet,” reports Australia’s public broadcaster ABC, including over 6 billion email address. Yet with no employees, Troy Hunt manages all of the technical… Continue Reading

The Man Who Trapped Us in Databases

The New York Times [read free]- “Hank Asher was a drug smuggler with a head for numbers — until he figured out how to turn Americans’ private information into a big business. One of Asher’s innovations — or more precisely one of his companies’ innovations — was what is now known as the LexID. My… Continue Reading

UK Proposed principles to guide competitive AI markets and protect consumers

Gov.UK – September 18, 2023: “The Competition and Markets Authority (CMA) has today published a report following its initial review of foundation models (FMs) and has proposed principles which aim to ensure consumer protection and healthy competition are at the heart of responsible development and use of FMs. FMs are artificial intelligence (AI) systems with… Continue Reading