It feels kind of magical to drop an export of bank transaction data into ChatGPT and say “What was the peak balance of this account in years 2021, 2022, and 2023” without my usual faffing about in Excel or an irb console. For bonus points, you can ask it to write Excel or ruby.
@patio11
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Regulated Institutions Compliance With Legal Warrants
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This is why ~every regulated institution will say very similarly worded variants on a core truth: “If we are shown a valid warrant, we will comply with it. We have people that have nothing to do but that.”
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Regulated Institutions Face Regulatory Scrutiny Over Evasion Tactics
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If you’re a regulated institution and put up a cute thing on your website to evade regulation your next conversation with your regulator will have a very unfortunate tenor.
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Regulatory Jurisdiction Shopping and Legal Process Evasion
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The concern is that that would let organizations which specialize in playing Bank Account Whackamole depart to a new “jurisdiction” when 90% through due process instance #5274 and then get another few months of services society doesn’t want them to have.
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Legal Confidentiality Obligations Under US Law Compliance
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Note that that doesn’t merely say “Don’t tell a customer about a SAR” it says “If you are compelled to testify as to something which could reveal a SAR under the ordinary operation of the laws of the United States you shall refuse to do so, using the following language.”
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Banks’ Survey Data Resistance to Tech Change
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Many people in tech believe this and it is important to understand that this is untrue, and that the manifest ability of banks to point to a mountain of survey data from a large fraction of American spectrum is one reason achieving change is so hard.
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Banking Compliance vs Consumer Transparency: The SAR Paradox
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(You try to square the circle “I feel like if I go down to my bank branch someone should be able to tell me what is going on” and “By regulatory decree, only Compliance gets to see SAR contents and they MUST NOT disclose to customer under penalty of law.”)
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Structural and Technical Problems in Regulatory Compliance
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Maybe I should write about why that happens, one of these days. It is partly a structural and partly a technical problem, sometimes exacerbated by ~intentionally broken structure you must implement because it is the law.
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Banking Policy Administration and Regulatory Compliance Challenges
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We aren’t at the efficient frontier of competent administration of our policies, by the way. One frustration that people have frequently in this and other banking areas is that many banks seem to be unable to durably make commitments about their own behavior like promising a call
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Banking Priorities: Society’s Competing Demands Require Strategic Choices
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Beating very familiar drum: society wants a complicated basket of goods from banks. Some of those priorities compete with each other. We have a choice as to which wins at the margin, and the brokenness observed is us getting what “we” want. Maybe we should want different things.