For banks supervised by the Fed, the aim is to begin automatic distribution in the first quarter of 2021. Finally, I would note that as we consider the types of financial services technology that may be useful to the banks we supervise, our rules and guidance need to keep pace.
The Federal Reserve is also considering whether the rise of artificial intelligence and machine learning in banking might require an adjustment in regulation and supervision. AI is becoming more prevalent in customer service and machine learning can offer real opportunities to assess risk and find new customers.