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Dan Rudoy Examines the Impact of AI on IP Strategy
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[Webinar] AI and Data Privacy: Minimizing Risk and Maximizing Opportunity
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AI Talk With Juliana Neelbauer: Third-Party Risk Management and Legal Perspective
Business Better Podcast Episode: Cyber Adviser – Financial Services 2024 Privacy and Cybersecurity Preview
DE Under 3: Complaint Dismissed Alleging an Applicant Screening Tool Discriminated Based on Race, Age, & Disability
In this episode of the Consumer Finance Podcast, Chris Willis, co-leader of Troutman Pepper Locke's Consumer Financial Services Regulatory practice, delves into the current state of machine learning and artificial...more
The UK Financial Conduct Authority (FCA) has published a research note on AI's role in credit decisions, exploring the issue of AI explainability in the context of algorithm-assisted decision-making, using consumer credit...more
On July 1, 2024, the Consumer Financial Protection Bureau (“CFPB”)—the primary federal watchdog of the consumer finance industry—along with several other federal agencies, approved a new rule to regulate the use of automated...more
The U.S. Department of the Treasury (“Treasury”) has released a Request for Information on the Uses, Opportunities, and Risks of Artificial Intelligence (“AI”) in the Financial Services Sector (“RFI”). Written comments are...more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
In September 2023, the Consumer Financial Protection Bureau (CFPB) issued guidance on the use of artificial intelligence in issuing credit denials, a prevalent practice among lenders. The CFPB explained that when...more
Recovering collateral after default is rarely easy. In addition to the physical and practical difficulties of repossession, compliance is often a costly and complex issue. And, as is often the case, technological innovations...more
Illinois Attorney General (AG) Kwame Raoul recently issued a consumer alert to Illinois consumers regarding the use of artificial intelligence (AI) by phone scammers. According to the alert, phone scammers are regularly...more
According to media reports, CFPB Director Rohit Chopra expressed his concerns over the rise of generative artificial intelligence (AI) technology in his remarks at an Axios event in Washington, D.C. last week. Director...more
On October 29, the Biden Administration issued a broad Executive Order (Order) on artificial intelligence (AI). Titled “Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence,”...more
Recent Consumer Financial Protection Bureau ("CFPB") guidance reiterates that creditors must provide consumers with accurate and individualized explanations for adverse actions—a task made more difficult by the complexity of...more
On September 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued new guidance outlining lenders’ obligations under the Equal Credit Opportunity Act (ECOA) and Regulation B when using artificial intelligence (AI)...more
In May 2022, the CFPB issued Circular 2022-3 addressing Equal Credit Opportunity Act (ECOA) adverse action notice requirements in connection with credit decisions based on algorithms. The CFPB is now revisiting the issue in...more
When using artificial intelligence (AI) or complex credit models, can lenders rely on the checklist of reasons provided in Regulation B sample forms for adverse action notices? According to today’s guidance issued by the...more
The California Privacy Protection Agency (CPPA) recently published two new sets of draft regulations addressing a range of cutting-edge data protection issues. Although the CPPA has not officially started the formal...more
The California Privacy Protection Agency (CPPA) recently published two new sets of draft regulations addressing a range of cutting-edge data protection issues. Although the Agency has not officially started the formal...more
On April 25, the CFPB, DOJ, FTC, and Equal Employment Opportunity Commission released a joint statement reaffirming their commitment to protect the public from bias in automated systems and artificial intelligence (AI). ...more
As OpenAI’s release of ChatGPT in late 2022 and expected release of GPT-4 in 2023 continues to garner widespread attention, there is renewed focus on both opportunities and risks presented by the use of artificial...more
On February 7, Federal Reserve Board Vice Chair for Supervision, Michael S. Barr, delivered remarks during the “Banking on Financial Inclusion” conference, where he warned financial institutions to make sure...more
Compliance lawyers last summer were predicting that the Consumer Financial Protection Bureau (CFPB) would announce a robust regulatory agenda under the Biden administration, but we had not yet seen many details that allowed...more
The Consumer Financial Protection Bureau recently warned companies that, under federal anti-discrimination laws, they still owe consumers an explanation of specific reasons for denying credit applications, even if they use...more
The Consumer Financial Protection Bureau (“CFPB”) released a regulatory Circular providing guidance regarding the use of “complex algorithms” to assess whether a consumer should be extended credit. Often referred to as “black...more
Late last month, the Consumer Financial Protection Bureau (CFPB) took another step toward adopting rules governing the use of artificial intelligence (AI) and algorithms in appraising home values. Specifically, the CFPB...more
Potential discrimination and bias resulting from consumer tools based on artificial intelligence and automated data will be an enforcement focus of regulators this year, Jenner & Block attorneys predict. Accuracy and...more
Here’s about as 2019 as we can get in the financial world (with a healthy dose of 1950s-era gender discrimination for good measure): a series of tweets from tech entrepreneur David Heinemeier Hansson alleging gender...more