Treasury official: Small financial institutions have ‘growth to do’ in using AI against threats

Treasury AI chief Todd Conklin and FSSCC leaders said large banks have reduced fraud using AI and outlined public-private efforts to extend those defenses to smaller institutions, focusing on better data, training resources, and engagement with core providers; they also proposed 'nutrition labels' for generative AI to clarify training data provenance and model update timelines to meet regulatory explainability expectations.