The AI compliance environment in financial services is evolving fast, but while the EU moves full steam ahead with clear enforcement mandates, the U.S. landscape remains fragmented and unpredictable. 

From the EU AI Act’s enforcement rollout to mounting pressure from NYDFS, CFPB, and the SEC, the demand for explainable, auditable, and legally defensible AI systems is growing. But here in the U.S., the picture is far less clear, as the second Trump Administration pushes for rapid AI adoption while scaling back federal rulemaking. 

With so much uncertainty ahead, ACI’s Inaugural AI & RegTech in Financial Services Summit is an essential forum for financial institutions to make sense of what’s happening and what’s next. 

IPA’s President & CEO Brian C. Tate will be presenting on Day 2’s session: Cryptocurrency and Stable Coin: Compliance After a Federal Framework. 

Hear from regulators, GCs, compliance officers, and RegTech innovators. Walk away with practical strategies to: 

• Pilot AI under proposed “Innovation Lab” oversight while meeting compliance expectations 

• Adapt to the Trump administration’s AI Action Plan on deregulation and procurement standards 

• Build governance frameworks around explainability, bias auditing, and vendor oversight 

• Use AI in underwriting, fraud, and AML/KYC without triggering enforcement 

• Prepare for cross-border challenges under the EU AI Act 
  
  

Use promo code D10-999-IPA26 at registration to save an additional 10%! 

Full information about the event can be found at: http://bit.ly/4nIuvZQ 
 
Contact Info: 
Contact Name: Katrina Savarino 
Email: [email protected] 
 
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A unique organization, American Conference Institute is devoted to providing the business intelligence that senior decision-makers need to respond to challenges both here in the US and around the world.  

Staffed by industry specialists, lawyers and other professionals, American Conference Institute operates as a think-tank, monitoring trends and developments in all major industry sectors, the law, and public policy, with a view to providing information on the leading edge. 

Information provided to members by OGR.

Washington feels like Groundhog Day all over again. The federal government is now entering its fifth week of a shutdown with no resolution in sight. The Senate is back in session and voting, while the House has been out of town for seven straight weeks.

Despite the stalemate, quiet conversations among rank-and-file Senators are showing new signs of life. Some are hopeful that bipartisan cooperation could break the impasse over FY 2026 appropriations. Still, expectations for a breakthrough this week are driven more by timing than optimism.

Behind the headlines, real-world effects are beginning to mount. Missed paychecks and benefit delays are creating pressure on lawmakers to act. The administration’s decision to use emergency funds to cover this week’s SNAP benefits offers only temporary relief. Some Senate appropriators are working to move a package of bipartisan funding bills to reopen parts of the government, while others are floating a longer-term continuing resolution that could last into next year.

Beyond the shutdown drama, the Supreme Court is set to hear oral arguments on President Trump’s authority to declare a national emergency and impose tariffs on imported goods—an issue that could have long-term implications for trade, manufacturing, and economic policy.

This is only a snapshot of the week’s developments. IPA members receive the full OGR Big Picture briefing every week, featuring detailed analysis of congressional activity, policy trends, and their implications for the payments and fintech sectors.

Don’t miss out.

Join the Innovative Payments Association to access the complete OGR Big Picture and stay informed on the decisions shaping the future of payments.

The penny is disappearing faster than retailers can cope, but the day after Halloween, I did my part to help out a local grocery chain. 

Pittsburgh-based Giant Eagle Inc. was offering to exchange customers’ pennies for gift cards worth twice the total amount of the pennies they redeemed. So, $100 worth of pennies (the max customers could bring in) would net a $200 gift card.  

It is not the first retailer to take steps to manage the impending penny shortage. According to one news report, Kroger has posted signs asking shoppers to pay with exact change. Convenience store chain Sheetz was offering sodas to customers who brought in 100 pennies, according to the Associated Press.  

So, my wife and I spent part of the morning going through change banks, jars, and cushions to gather up as many pennies as possible.  

Giant Eagle announced its promotion on October 28, and it received plenty of local news coverage. It has more than 200 stores in western Pennsylvania, north Central Ohio, northern West Virginia, Maryland, and Indiana.  
At my local store, a steady line of people – mostly middle-aged and over – waited with boxes, jars, and bags of pennies to be redeemed. No kids showed up to redeem their piggy banks.  

Ahead of me, another penny redeemer asked the clerk why Giant Eagle was doing this. The clerk said the store wanted to avoid being in the position of rounding up or down when it came to purchases or giving out change, because she said it is “highly against the law.” 

It turns out that stores could run afoul of the Supplemental Nutrition Program’s equal treatment provisions that would prevent rounding against or in favor of SNAP recipients, according to a letter from several trade groups representing retailers.  

The store dedicated one cash register and three staffers to the penny drive. Participants would hand their penny containers to the clerks, who would then dump them into plastic cups and weigh them, just like produce at the register. Once the amount was determined, they would load that onto a gift card.  

Some customers would receive gift cards and then head into the store to do shopping. At least one brought all his change and took his nickels, dimes, and quarters over to a Coinstar kiosk to redeem them as well.  

I asked if it had been busy all day, and they said busy was an understatement. One of the team of three weighing pennies said that all the collected pennies would stay at that store, although I imagine some sharing of the penny resources may occur over time.

After going through several change jars and banks, we had 4 pounds and 2.7 ounces of pennies.  

The U.S. Mint says a penny weighs .088 ounces. So, that meant I had about 758 pennies, or about $7.58. That translated into a $15.16 Giant Eagle gift card.  

My gift card was just a small portion of the total. According to CBS News, customers brought in over 100 million pennies and received more than $200 million in gift cards.  ​

Information provided to IPA members by OGR

The federal government shutdown has entered its fourth week with no breakthrough in sight. Upcoming military pay deadlines and warnings from 25 states that they may soon be unable to distribute SNAP benefits highlight the growing human and economic toll of the impasse. While the Administration has funded some programs and military pay to date, the next several days could prove pivotal as pressure builds in Washington.

At the same time, trade tensions continue to ripple outward. President Trump’s ongoing Asia trip includes a meeting with Chinese President Xi Jinping following a new framework on rare earth minerals and agriculture, even as new tariffs on Canada heighten industry concerns. Lawmakers from agricultural states report increasing frustration from farmers facing the effects of retaliatory tariffs.
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Want the full story?
IPA members receive OGR’s Big Picture each week with deeper analysis of Capitol Hill developments and their implications for the payments industry.

This blog is part of an occasional series of reviews of research reports that may be of value to IPA members. If you have research you’d like us to review or recommended reading, please reach out to Ben Jackson and let him know!

Cleaning off my desk the other day, I ran across a report on artificial intelligence from the Congressional Research Service that raises interesting questions for the payments industry.

“Generative Artificial Intelligence and Data Privacy: A Primer” was published in May 2023, but it still remains a worthwhile read today. The report covers what Generative AI is, how models get and use data, what happens to the data shared with Generative AI, and policy considerations for Congress.

The report is not focused on the financial services industry, but it raises important questions that executives should consider when building their AI strategies. Let’s look at each section and the questions it raises.

Defining Generative AI

In defining Generative AI, the report notes that the models produce content, including text, images, and videos. It also notes that most of today's attention focuses on general-purpose models trained on large amounts of data.

Financial services companies should consider whether a general-purpose model really fits the jobs they want to assign to AI. Hallucinations, in which general AI produces a false answer synthesized from vast amounts of data, are a real risk. Additionally, a model trained on too large a data set may use information that is not relevant. For example, a U.S. bank that wants to use AI to evaluate credit trends in particular sectors as part of the loan-making process probably wouldn’t want to include data from other continents.

The other side of the coin is that executives should ensure they understand the full capabilities of the tools they use. For example, could they train a chatbot to deliver both text and images to respond to customer queries and enhance the customer experience?

Understanding How Generative AI Uses Data

When discussing how generative AI uses data, the report notes that models require “massive amounts of data,” and that “some existing LLMs may reveal sensitive or personal information from their training data sets.”
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This means that financial companies need to know what is happening to the information that employees and customers are putting into their AI tools, especially if the AI is provided by a third party. Will providers use one company’s data to train models that help its competition? How much data does a model need to retain from each inquiry in order to stay current? Can the AI provider provide a walled garden for one company and how will the provider audit that? What disclosures should a company provide for its customers about how their interactions with AI will be recorded and used?

Considering Policy and Business Implications.

The report discussed some considerations for Congress, including imposing notice and disclosure requirements, opt-out requirements, and deletion requirements. It notes that the AI race may favor big companies who have the resources to build and manage models.

Companies should consider whether they can and want to train an AI model just on their in-house data. Another consideration is that even though AI is the buzzword of the moment, is it even necessary? Could a good statistical model run on a spreadsheet accomplish the same business goal that a company wants to assign to AI?

Remembering That Existing Laws Still Apply

Finally, it’s worth remembering that the current laws on the books still apply whether a company is using AI or not. Gramm-Leach-Bliley is specifically mentioned in the report. In other places, there has been talk about making sure that AI models do not run afoul of fair lending laws.

Executives should take the time to read this 8-page report and think about the questions it raises and how those might shape their AI strategies and implementations

Information provided to IPA members by OGR

The federal government shutdown has entered its third week with no breakthrough in sight. The impasse, centered on healthcare provisions tied to a continuing resolution (CR), has left hundreds of thousands of workers without pay and triggered permanent layoffs across some agencies. Both chambers are feeling the strain, but leadership remains divided on how to end the standoff.

The Senate will reconvene this week for an unscheduled session to vote on the House-passed CR, while the House remains in recess under a 48-hour notice schedule. House Democratic Leader Hakeem Jeffries has recalled his caucus to Washington for a series of meetings focused on what he has termed a “Republican healthcare crisis.” Democrats plan coordinated events highlighting rising healthcare costs and calling for bipartisan negotiations.
Behind the scenes, a small group of Senators is seeking a compromise, though no agreement has surfaced.

Republican leadership continues to insist that the Senate act first on the House CR, but internal pressure is growing as the shutdown’s effects ripple through the economy.

With the shutdown dragging on, trade friction escalating, and redistricting battles unfolding in key states, the coming weeks promise to test both the political and economic resilience of Washington’s leaders.

Want the full story? IPA members receive OGR’s Big Picture each week with deeper analysis of Capitol Hill developments and their implications for the payments industry. Join the Innovative Payments Association to stay informed.

Information provided to IPA members by OGR

As the government shutdown stretches into its second week, healthcare remains the central obstacle to a deal on a continuing resolution (CR). Informal Senate talks have yet to produce progress, and both parties remain confident in their political footing—for now.

The impact is beginning to spread: hundreds of thousands of federal employees have been furloughed, and airport delays are mounting as TSA and air traffic control personnel feel the strain. Meanwhile, Senate Republicans are preparing to confirm more than 100 Administration nominees this week, signaling a push to clear the executive branch backlog before Columbus Day.

Want the full story?

IPA members receive OGR’s Big Picture each week with in-depth analysis of what’s happening on Capitol Hill and what it means for the payments industry. If you’re ready to move beyond the headlines and understand how policy decisions could impact your business, join the Innovative Payments Association.

Information provided to IPA members by OGR

Washington is bracing for a government shutdown as partisan roles reverse and the battle over executive authority intensifies. The House has already passed a Continuing Resolution (CR) to fund the government through Nov. 21, but negotiations remain stalled. President Trump is set to meet with congressional leaders, though a breakthrough appears unlikely.

This shutdown fight reflects a fundamental shift: Republicans are now pushing for a “clean” CR, while Democrats are tying funding to healthcare subsidies. At the same time, the Supreme Court’s recent 6-3 ruling granting the Administration broad power to withhold appropriated funds has reshaped the balance between Congress and the executive branch.

On Capitol Hill:

• The Senate faces key votes on the CR and the nomination of Michael Waltz as U.S. Representative to the UN General Assembly.
• Work continues on the FY 2026 NDAA, while committees take up digital asset taxation and labor-related nominees.
• In the House, leadership remains at odds, with Republicans holding firm that their work is done and Democrats gathering in Washington to highlight their willingness to stay engaged.

With government funding set to expire tomorrow night, agencies are preparing shutdown protocols, and uncertainty looms over how long a closure might last.

Want the full story?

IPA members receive OGR’s Big Picture briefing each week with in-depth analysis of what’s happening on the Hill and what it means for the payments industry. If you’re ready to move beyond the headlines and understand how policy decisions could impact your business, learn more about joining the Innovative Payments Association.

Information provided to members by OGR

Congress is back in Washington with just 15 days to prevent a government shutdown. Negotiations over a Continuing Resolution (CR) are front and center, with battles over length, scope, and partisan priorities shaping every move.

At the same time, the Senate is testing new rules to push through executive branch nominees and grappling with roadblocks on the National Defense Authorization Act. In the House, a rare five-day workweek will spotlight energy legislation, crime bills affecting D.C., and a politically charged oversight hearing with FBI Director Kash Patel.

Outside the Capitol, trade talks with China add another layer of uncertainty, while special elections and retirements begin reshaping the future of Congress.
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Want the full story?
IPA members receive OGR’s Big Picture briefing each week with in-depth analysis of what’s happening on the Hill and what it means for the payments industry. If you’re ready to move beyond the headlines and understand how policy decisions could impact your business, learn more about joining the Innovative Payments Association.

Information provided to members by OGR

September promises to be a consequential month in Washington. With government funding set to expire on Sept. 30, lawmakers in both the House and Senate face just 11 legislative days to strike a deal. The risk of a shutdown looms large, shaping every move on Capitol Hill.

While funding negotiations dominate the headlines, Congress is also working to advance the must-pass National Defense Authorization Act (NDAA). This year’s process has steered clear of the most divisive fights of years past, but the outcome still carries significant implications for defense and appropriations debates ahead.

At the same time, both parties are maneuvering around how long a continuing resolution (CR) should last and what it should include. Health care tax credits, appropriations timelines, and even leadership strategies are all part of a complicated puzzle that will define the next few weeks.

These are the big-ticket issues. But the real story runs deeper—spanning House leadership politics, Senate rules changes, and committee markups that set the stage for broader policy fights this fall.

Want the full story?
IPA members receive OGR’s Big Picture briefing each week with in-depth analysis of what’s happening on the Hill and what it means for the payments industry. If you’re ready to move beyond the headlines and understand how policy decisions could impact your business, learn more about joining the Innovative Payments Association.
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