Page 8 - September 26, Bulletin

aRTiCLeS

The inquiry is the latest volley by the Biden administration against More than half of respondents (54%) said they had used a generative
rewards programs. The Consumer Financial Protection Bureau AI tool, according to J.D. Power. That level was significantly higher
earlier this year issued a report on complaints it had received about among national bank customers (66%) than regional banks (42%).
credit card rewards programs, and the CFPB and DOT in May held Chatbot usage also was higher among respondents under the age of
a joint hearing on credit card and airline rewards programs. In an 40 (72%). However, only 27% of all respondents said they trust AI
ABA Viewpoint blog post, Thomas Rosenkoetter, executive director for financial information and advice. When compared with other
of the American Bankers Association’s Card Policy Council, said categories of advice, financial information ranked lower than travel
the CFPB’s research methods were not transparent, and it drew information (37%) but slightly ahead of medical information (25%).
conclusions in its report based on a very small number of complaints The survey also found that respondents believe that AI will increase
(1,215 complaints relative to the 143 million U.S. adults who own a convenience but not their financial situation. Seventy-two percent
rewards credit card).
of respondents “agree” or “strongly agree” that AI tools will provide
“The facts are clear: Americans like their credit cards. They like easy, convenient self-service in the near future. However, only 42%
their rewards. They would be disappointed to lose their rewards said AI will improve personal finances.
programs,” Rosenkoetter said. “The complaints about rewards are Respondents were most likely to be receptive to personalized alerts
exceedingly rare. When they do occur, banks take them seriously and and recommendations that could help them. Nearly two-thirds
resolve them quickly.”
(62%) said they would immediately try AI-driven personalized
Read more: https://www.transportation.gov/briefing-room/usdot- account alerts to help avoid service charges and fees, 44% would
seeks-protect-consumers-airline-rewards-probe-four-largest-us- use automated phone voice assistants to resolve a customer
airlines-rewards service problem, and 42% would take personalized product
recommendations from an AI agent.
FFIEC to Sunset Cybersecurity Read more: https://www.jdpower.com/business/resources/
Assessment Tool in 2025 customers-growing-more-optimistic-about-potential-ai-financial-
servicesFCCRDOFSBACommentLtr080524.pdf
The Federal Financial Institutions Examination Council has
announced it will sunset the Cybersecurity Assessment Tool for FCC Announces Action to Combat
financial institutions on Aug. 31, 2025. Illegal Calls and Texts

The CAT was released in 2015 as a voluntary assessment tool to
help financial institutions identify their risks and determine their Federal Communications Commission Chairwoman Jessica
cybersecurity preparedness, FFIEC said. While the fundamental Rosenworcel has announced that the FCC will soon vote on new
security controls addressed in the CAT are sound, “several new rules to combat illegal calls and text messages. The new rules would
and updated government and industry resources are available that require originating mobile wireless providers to block text messages
financial institutions can leverage to better manage cybersecurity following FCC notification of suspected illegal texts. Existing rules
risks.” require terminating providers—but not originating providers—to
block all texts from a particular number when notified by the FCC
Those tools include the National Institute of Standards and
Technology’s Cybersecurity Framework 2.0 and the Cybersecurity of illegal texts from that number. The new rules also would require
and Infrastructure Security Agency’s Cybersecurity Performance mobile wireless providers to offer email-to-text as an opt-in service.
Goals. “Supervised financial institutions can instead refer directly to Read more: https://docs.fcc.gov/public/attachments/DOC-
these new government resources,” FFIEC said. 405219A1.pdf
Read more: https://www.ffiec.gov/press/pdf/CAT_Sunset_
Statement_FFIEC_Letterhead.pdf FFIEC Issues New Development,
Acquisition and Maintenance
Survey Finds Bank Customers Booklet

Lack Trust In AI, Chatbots for The Federal Financial Institutions Examination Council has issued
Financial Advice the Development, Acquisition and Maintenance booklet, which
replaces the Development and Acquisition booklet issued in 2004.
While financial services customers are largely optimistic about
the ability of artificial intelligence to improve their lives, they are The DA&M booklet outlines principles and practices for managing
concerned the technology isn’t trustworthy, according to a new development, acquisition and maintenance. It is part of the larger
survey by J.D. Power. FFIEC Information Technology Examination Handbook.

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