No Rulebook For AI Compliance Is Not Permission To Skip Explainability
AI-generated summary The Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation replaced guidance with SR 26-2, though generative and agentic AI models fall outside its scope due to rapid changes. Federal Reserve Vice Chair for Supervision Michelle Bowman states that banks are already relying on existing frameworks, and the U.S. Treasury released a Financial Services AI Risk Management Framework earlier in the year.