AI agents reshaping financial transactions amid regulatory uncertainty

LAS VEGAS — At an Axios Live event on October 20, financial experts discussed how AI agents are transforming banking and trading, raising questions about reliability, liability, and regulation. Federal Deposit Insurance Corporation chairman Travis Hill highlighted the ease with which consumers can move money between banks, while Alpaca co-founder and CEO Yoshi Yokokawa raised concerns about liability if AI agents engage in criminal activity or make poor trades. Hill also explained that the FDIC’s model risk management guidance does not apply to agentic AI or generative AI, as the agency develops future guidelines. J.P. Morgan’s Zack Anderson noted the potential of agentic commerce to simplify purchasing, while acknowledging safety concerns. The event, sponsored by J.P. Morgan, featured discussions on the broader implications of AI in finance.