Lael Brainard, a member of the Board of Governors of the Federal Reserve System, recently gave a speech titled What Are We Learning about Artificial Intelligence in Financial Services? Before I tell you what her answers were, I'll tell you what I think they're learning: Not enough. Brainard started her speech with the now-customary breathtaking "OMG, AI and data are transforming the world at an alarming rate!" intro that, apparently, all speakers are required to make these days when talking about AI. "The potential breadth and power of these new AI applications inevitably raise questions about potential risks to bank safety and soundness, consumer protection, or the financial system. The question, then, is how should we approach regulation and supervision? It is incumbent on regulators to review the potential consequences of AI, including the possible risks, and take a balanced view about its use by supervised firms."