In an opinion piece published in the Financial Times, Acting Comptroller of the Currency Brian Brooks put forward the need to reconfigure banking regulations for an age of algorithms.
Brooks compared existing banking regulations to traffic laws: “Just as the original rules of the road protected us from other drivers, so our current bank regulations exist mainly to prevent human failings.”
Brooks is confident that banking regulators are capable of retooling, of learning how to appraise algorithms for bias and fraud, which he says will ultimately prove simpler than trying to root those same issues out of human bankers.
“Could we usher in a future where we eliminate error, stop discrimination, and achieve universal access for all? Optimists like me think so. How different would banking in the US be today if regulators, bankers, and policymakers were as bold as carmakers 10 years ago?”
Brooks has been a major proponent of integrating crypto technology into the national payments system. Under his watch, the OCC authorized national banks to run stablecoin payments and nodes and has also been a proponent of a national charter for non-depository institutions.
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