Revisiting Financial Institution Incentive Compensation Rules Under Dodd-Frank — The Consumer Finance Podcast
Though responsible and ethical use of artificial intelligence (AI) has been a hot topic for the past few years, there has not yet been significant adoption of laws or regulations aimed specifically at regulating the use of AI...more
In my July column, I wrote about the connection between corruption and the environment. But corruption also has a link to the “S” of the environmental, social, and governance (ESG) pillars. Corruption is both a cause and a...more
A recent Forbes article summarizes a potentially problematic aspect of AI which highlights the importance of governance and the quality of data when training AI models. It is called “model collapse.” It turns out that over...more
Colorado became the first U.S. state to pass a law protecting consumers from harm when using artificial intelligence (AI). Senate Bill 24-205 on Consumer Protections for Artificial Intelligence was passed on May 17, 2024. The...more
On August 1, 2024, the regulation of artificial intelligence (AI) took a major leap forward as the EU AI Act officially entered into force. While the Act is enforced within the EU, its extraterritorial scope has important...more
On June 24, 2024, the SEC issued five new Compliance & Disclosure Interpretations (C&DIs) relating to the materiality assessment and disclosure requirements of material cybersecurity incidents under Item 1.05 of Form 8-K....more
Get Ahead of the Curve and Prepare for the January 2025 Digital Operation Resilience Act Compliance Deadline with Confidence. The financial sector is no stranger to regulations aimed at enhancing operational resilience...more
As artificial intelligence (AI) continues to advance rapidly, organizations of all types are seeking to deploy this powerful tool to increase the effectiveness and efficiency of their operations, improve service to their...more
Key Points - Colorado's new Al law creates new obligations for developers and deployers of high-risk artificial intelligence (Al) systems. Similar to the EU Al Act, the law is risk-based and defines a "high-risk" Al system as...more
Colorado became the first state to comprehensively address artificial intelligence (“AI”), passing Senate Bill 24-205, or the Colorado Artificial Intelligence Act, on May 17, 2024 (“Act”). The Act establishes the nation’s...more
Artificial intelligence (AI) has made enormous strides in recent years and has increasingly moved into the public consciousness. Increases in computational power, coupled with advances in machine learning, have fueled the...more
Although pension plans are increasingly rare, if your business is considering acquiring a company that sponsors a pension plan, then several new diligence and deal considerations come into play for the transaction. This can...more
“In assessing a generative AI product, it is critical to understand issues of data ownership and privacy. This cumbersome task is necessary to learn how the AI platform will use data, if the data shared is entering an open or...more
The US Securities and Exchange Commission’s recently adopted rules governing climate-related disclosures, although significantly pared back from the rules proposed two years ago, represent a major change to the existing...more
If your enterprise doesn’t yet have a policy, it needs one. We explain here why having a governance policy is a best practice and the key issues that policy should address....more
As we prepare for the rise of the machines and Skynet’s inevitable takeover of the world, this past week highlighted perhaps a more troubling trend for companies to navigate in the coming months and years—the rise of...more
Analyzing the Trends in Misinformation, Technological Advances, Cyber Insecurity, and Interconnected Risks in the 2024 Global Risks Report. The World Economic Forum recently released its 2024 Global Risks Report, an...more
This week, in line with the CFPB’s ever-increasing focus on fair lending, Fannie Mae issued a Fair Servicing Best Practices Guide to promote “servicer awareness of fair servicing best practices.” Taking a big picture...more
Editor’s Note: PYA and Foley & Lardner hosted the 6th Annual “Let’s Talk Compliance” two-day Virtual Conference on January 18 and 19, 2024. Panelists included Foley & Lardner attorneys and PYA experts. The event was hosted by...more
Elevate your resilience in the new year by understanding top GRC trends, patterns, and best practices across AI, TPRM, cyber risk, and more. As we step into 2024, technological advancements and an increasingly connected —...more
As consumer-facing financial institutions of all types—from well-established banks to newly-launched fintechs—set their 2024 regulatory compliance goals, they may wonder if their New Year’s resolutions align with those that...more
SS1/23 brought DQMs and Non-Models into banks’ prevue and set a timeline on model risk management (MRM) compliance for May 2024. Are you ready? The PRA’s recent supervisory statement (SS)1/23 has made some significant...more
On December 4, 2023 the CFTC issued proposed guidance regarding the listing of voluntary carbon credit ("VCC") derivative contracts ("Proposed Guidance"). The Proposed Guidance outlines factors that designated contract...more
Let’s take a moment to address the elephant in the room: AI risk. The hype surrounding generative AI, like Chat GPT, is encouraging more people and organizations to use it. This creates a clear need to address business...more
The U.S. Securities and Exchange Commission’s (SEC) impending cyber disclosure rule, slated to commence on 15 December 2023, underscores an imperative shift towards a more transparent and accountable cybersecurity posture for...more