BankingNewsAI Daily Brief ·
Trump will create an AI Force and appoint an AI czar
Banking AI
Financial institutions & fintech technology
Avant seeks national bank charter to serve customers directly
For the consumer lending strategy head at a regional bank
Avant’s charter bid challenges the assumption that data-driven lenders must rely on banks for funding and distribution. Decide where your consumer-credit edge survives if Avant can build and service products end-to-end under one regulatory framework.
Avant filed an application with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. to establish an insured national bank, Avant Bank, N.A. Avant uses data and machine learning for credit cards, personal loans, a personal financial management tool and other financial products. It says a charter would let it serve customers directly, expand credit access and offer banking products and financial health tools through an integrated digital platform. CEO Al Goldstein said the charter could reduce Avant’s cost of funds and put its products under one regulatory framework; if approved, Chief Business Officer Charles Whittaker would become Avant Bank’s CEO.
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Consumer lending strategy: Compare Avant’s card and personal-loan offer with your middle-income credit products and identify partner-dependent advantages.
Read article → from PYMNTS
General AI
Large language models & AI infrastructure
Trump to create AI Force and name AI czar
For the chief risk officer at a US bank
A federal AI review regime could arrive faster than banks expect. Your AI controls need a clear record now, because fragmented oversight may give way to a national authority with its own enforcement view.
President Donald Trump said he will create an “AI Force” to oversee AI regulation and will name an AI “czar” in the near future. Trump made the announcement in a Truth Social post on September 19. He said his administration will not hinder or stifle AI industry growth and will instead support its growth. He also said the administration will look for harmful conduct through the existing criminal and civil justice system.
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Model risk: Document AI use cases, control owners, testing evidence and escalation records for potential federal review.
Read article → from Reuters
Bessent and He launch talks on AI, trade and critical minerals
For the technology procurement head at a regional bank
AI now sits in US-China negotiations, so your sourcing choices may face trade-policy risk before any new rule arrives. Map China-linked exposure now rather than assume suppliers are neutral.
US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are due to meet Sunday to seek potential agreements on AI, tariffs and critical minerals. The talks are intended to prepare potential deals for a Washington summit this week between Trump and Xi. The US-China trade truce is set to expire on November 10. He will lead a delegation of Chinese companies to the United States.
→ Action
Technology procurement: Inventory suppliers with China-linked technology or supply chains.
Read article → from Reuters
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