April 21, 2021
Risk Management and Insurance
US banks are preparing for any disruptions they might face from the advent of a digital US dollar, but the development of one will likely take some time. Federal Reserve Chairman Jerome Powell said he wants to address some concerns with Congress before developing central bank digital currency.
Full Story: CNBC (4/19) 
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Consumers are spending cash on hand and relying less on loans at a time when banks are eager to lend. Banks' expectations of a turnaround in demand appear low with consumer savings at elevated levels.
Full Story: The Wall Street Journal (4/15) 
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Five financial regulators are requesting comments on how artificial intelligence can be used to help identify bank fraud, but they also aim to assess risks associated with using the technology. Comments are being accepted until June 1.
Full Story: Financial Technologies Forum (4/16) 
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Government Regulation
A move by the Federal Deposit Insurance Corporation to allow fintechs to obtain bank charters as industrial loan companies is being questioned by lawmakers from both sides of the aisle who feel allowing such charters could affect financial stability. "I've always said that if you want to be a bank, you need to be regulated like a bank," said Rep. Blaine Luetkemeyer, R-Mo.
Full Story: Roll Call (free content) (4/20) 
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As lenders in the US prepare to transition Libor-linked contracts to alternative benchmark rates, some small and medium-sized banks are embracing Ameribor over the Federal Reserve-backed Secured Overnight Financing Rate. Small banks say SOFR doesn't represent their cost of capital as well as Ameribor does.
Full Story: The Wall Street Journal (4/19) 
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US banks are increasingly turning to artificial intelligence-backed technology to analyze customer preferences and monitor facilities. The use of visual AI tools by banks could mark a major step in their broader adoption throughout the private sector.
Full Story: Reuters (4/19) 
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News from Aon
Surviving a Hard D&O Market: A Guide for Risk Managers
Companies in 2021 can no longer think about D&O insurance the way they have in the past. While the hard market won't last forever, it will exist for the time being. This article provides a guide for risk managers on factors influencing the D&O landscape, best practices and alternative strategies for pricing.
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Corporate spin-off transactions
Management liability insurance programs for companies, public or private, are impacted significantly by spin-offs. This Client Alert discusses the considerations for a spin-off as it relates to management liability exposures and insurance.
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