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Dictating such decisions would be an “overcorrect” and a step too far, Superintendent Peter Routledge told reporters Tuesday at Toronto’s Tech Festival, saying they are best left to individual financial institutions, even as Canadian banks weigh restricting the technology. (The Logic)
Talking point: Routledge said OSFI could impose stricter requirements if AI posed a serious threat to financial stability, but “[he] hasn’t seen that yet.” More competition, he said, could resolve tensions between banks seeking to protect customer data and Canadians wanting to use AI agents to make transactions. While incumbents may choose to block agents, new entrants can develop safeguards that allow them, giving customers an alternative. The regulator is also developing an AI safety code—building on its previous AI advisory reports—with consultations potentially starting as early as next spring.
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