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Regulatory Roundup: Fed governor talks about impact of AI on labor markets

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Tuesday, October 1, 2024

The impact of emerging technologies on employment and financial markets continues to be a major concern among regulators and professionals. One Federal Reserve governor explored this topic in-depth during a recent speaking engagement at The Ohio State University.

Learn more about this and other recent news from the regulatory sphere in this roundup:

Fed governor talks implications of AI on the workforce

Federal Reserve Gov. Lisa Cook discussed the evolving labor market and the implications of artificial intelligence (AI), speaking at The Ohio State University. She noted that before the pandemic, the labor market was strong, with unemployment at historic lows. The pandemic caused significant disruption, but the market rebounded, gaining millions of jobs by 2023. However, labor demand and supply have recently balanced, making it more challenging for some, especially younger workers, to find jobs. Cook also highlighted AI’s potential to boost productivity, comparing it to past technological innovations. While AI will complement some jobs, others may be displaced. The effects on employment will depend on how firms and workers adapt, with retraining being crucial for those in highly exposed roles. Cook encouraged workers to familiarize themselves with AI, noting that doing so would help them remain competitive in a transforming economy, while also fostering innovation and productivity growth. Find her full remarks here.

SEC charges broker-dealer for compliance failures

The Securities and Exchange Commission (SEC) charged a registered broker-dealer with failing to maintain and enforce policies and procedures reasonably designed to comply with Regulation Best Interest (Reg BI). The charges relate to First Horizon’s recommendations of a type of derivative security called a structured note. First Horizon agreed to pay a $325,000 civil penalty to resolve the allegations. The SEC’s order finds that First Horizon failed to comply with its Reg BI policies and procedures in multiple ways. Learn more about this matter here.

FDIC appoints new director

The Federal Deposit Insurance Corp. (FDIC) Board of Directors has approved the selection of Jennifer Schoen as director of the division of administration. In this role, Schoen will oversee the operation and management of FDIC facilities, personnel and physical security programs, and acquisition services. She also will be tasked to provide strategic guidance to ensure the agency is prepared for and effectively responds to emergencies and will advise the FDIC’s chief operating officer and other senior leaders on matters related to facilities, security, capital improvements and maintenance, and procurement. Read more here.

Hsu talks about financial inclusion

Acting Comptroller of the Currency Michael Hsu spoke at the United Nations’ (UN) Secretary-General’s Special Advocate for Inclusive Finance event, during which he addressed the UN’s 17 sustainable development goals, eight of which pertain to financial inclusion. Hsu highlighted progress made toward reducing the number of “unbanked” households, with the percentage dropping from 7.6 percent in 2009 to 4.5 percent. However, focusing solely on financial inclusion can lead to exploitation, such as predatory lending, he explained. The OCC is advocating for new “Financial Health Vital Signs” metrics to better measure financial well-being and drive improvements beyond inclusion. Read his complete remarks here.

Today's other top stories
New Fed IG will oversee CFPB investigation over mass firings
Bankers largely expect balance sheets to remain unchanged, per Fed survey results
Industry leaders take the stage at NS3 in Pittsburgh
MBA reports sizeable uptick in mortgage applications
Senate confirms new deputy secretary of HUD


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