Kelvin Chen built the Federal Reserve's Innovation Policy Team, setting the initial frameworks for AI in supervised institutions before most regulators had settled on the right questions to ask. He held senior regulatory roles at Capital One and Barclays before becoming Head of Policy in the US at the Consumer Bankers Association.

In this episode of Banking Reinvented, Kelvin joins host Tim Rutten to unpack the regulatory blind spot sitting at the center of agentic payments. The Electronic Fund Transfer Act, the law that still governs how consumers are protected from unauthorized transactions, was written in 1978 for a world where a human authorizes every transfer. That world is ending, and the liability rules for what happens when an AI agent moves money on a customer's behalf haven't been written yet.

The conversation covers why ban ...