Federal Reserve Vice Chair for Supervision Michelle Bowman warned banks that artificial intelligence is simultaneously their best weapon against cyberattacks and the most dangerous tool in the hands of malicious actors. Speaking at a Financial Stability Oversight Council roundtable on May 1, she cited Anthropic’s Mythos AI model as an example of this duality. In April 2026, Treasury Secretary Scott Bessent and Fed Chair Jerome Powell met with the CEOs of JPMorgan Chase, Citigroup, Bank of America, and Goldman Sachs to discuss AI-related cybersecurity risks. Bowman also highlighted that current regulatory frameworks, designed for traditional statistical models, are inadequate for generative and agentic AI, and that smaller banks lack the resources to independently develop advanced AI defenses.
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