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Algorithms Financial Services Industry Artificial Intelligence

Benesch

AI Reporter - May 2025

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The use of AI in banking was a topic in April, as Bank of America revealed it will spend $4 billion on AI initiatives in the coming year. The bank cited AI’s usefulness in reducing IT support calls and the over 90% usage...more

Thomas Fox - Compliance Evangelist

Regulatory Ramblings: Episode 69 - Human Intelligence vs. Machine Judgment with Nigel Morris-Cotterill and Patrick Dransfield

Today’s podcast begins with a spotlight conversation between Patrick and our host, Ajay Shamdasani, on what compelled him to write a piece on human intelligence and AI – especially given that he is a veteran legal services...more

A&O Shearman

BoE official launch of AI consortium

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The Bank of England (BoE) has announced the launch of the AI Consortium. The consortium will provide a space for public-private engagement to gather input from stakeholders on the capabilities, development, deployment and use...more

Sheppard Mullin Richter & Hampton LLP

OCC’s Hood Emphasized AI Oversight and Inclusion in Financial Services

On April 29, Acting Comptroller of the Currency Rodney Hood delivered pre-recorded remarks at the National Fair Housing Alliance’s Responsible AI Symposium.  In his speech, Hood reiterated the OCC’s commitment to deploying AI...more

A&O Shearman

FCA proposes to launch AI live testing service

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The UK Financial Conduct Authority (FCA) has released an engagement paper, together with a press release, on proposals to launch AI live testing as part of the AI Lab. AI live testing will be open to all firms who have...more

Troutman Pepper Locke

AI Legislation: The Statewide Spotlight - Regulatory Oversight Podcast

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Join us for a special crossover episode of The Consumer Finance Podcast and Regulatory Oversight, where Chris Willis, Kim Phan, and Gene Fishel delve into the evolving world of state AI legislation. As AI becomes a pivotal...more

Orrick, Herrington & Sutcliffe LLP

OCC’s Hood emphasizes responsible AI use for financial inclusion

On April 29, Rodney E. Hood, Acting Comptroller of the Currency, delivered a speech for the National Fair Housing Alliance’s Responsible AI Symposium. In his remarks, Hood emphasized the importance of financial inclusion and...more

Troutman Pepper Locke

AI Legislation: The Statewide Spotlight — The Consumer Finance Podcast

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Join us for a special crossover episode of The Consumer Finance Podcast and Regulatory Oversight, where Chris Willis, Kim Phan, and Gene Fishel delve into the evolving world of state AI legislation. As AI becomes a pivotal...more

A&O Shearman

FCA summary of AI Sprint

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The UK Financial Conduct Authority (FCA) has published a summary of its AI Sprint, a two-day event that was hosted in January which discussed the opportunities and challenges of AI in financial services. 115 participants took...more

Integreon

The Tortilla Chip: Carrying Greatness

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Hello again! Welcome back to Scaling Greatness, a newsletter from Integreon focusing on amplifying business excellence and innovation. Tortilla chips are everywhere – at parties, in restaurants, and in pantries across the...more

Troutman Pepper Locke

The FinReg Frontier: AI and Machine Learning in Consumer Finance — The Consumer Finance Podcast

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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

DLA Piper

SEC Roundtable Presents Both Risks and Opportunities of AI in the Financial Industry

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The Securities and Exchange Commission (SEC) recently hosted a Roundtable on Artificial Intelligence in the Financial Industry in Washington, DC (SEC AI Roundtable). The day-long event, which took place on March 27, 2025,...more

Sheppard Mullin Richter & Hampton LLP

Virginia Governor Vetoes Rate Cap and AI Regulation Bills

On March 25, Virginia Governor Glenn Youngkin vetoed two bills that sought to impose new restrictions on “high-risk” artificial intelligence (AI) systems and fintech lending partnerships. The vetoes reflect the Governor’s...more

Baker Botts L.L.P.

AI Legal Watch: March 12, 2025

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Virginia has become the first state in 2025 to pass comprehensive artificial intelligence regulation, with lawmakers approving the "High-Risk Artificial Intelligence Developer and Deployer Act" (HB 2094). The legislation,...more

A&O Shearman

UK FCA research note on AI's role in credit decisions

A&O Shearman on

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

Lowenstein Sandler LLP

Alternative Data Poised for More Growth in the Age of AI: The 2024 Lowenstein Sandler Alternative Data Report

Over the last six years, investment management professionals have steadily increased their use of alternative data to improve decision-making, optimize portfolios, improve due diligence, and boost returns. Now, with widely...more

Husch Blackwell LLP

Virginia Legislature Passes High-Risk AI Developer and Deployer Act

Husch Blackwell LLP on

Keypoint: Virginia becomes the second legislature – after Colorado – to pass an algorithmic discrimination bill – although the bill still needs to get through the state’s Republican governor to become law. On February 20,...more

Mintz

Back to the Future: CFTC Emphasizes Existing Regulatory Standards for New Al Technologies

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Advancements in artificial intelligence (AI) continue to reshape the financial services industry, with the growing popularity of generative Al (GenAl) tools prompting increased attention from US regulators. At the end of...more

Mayer Brown

Applying the Enterprise Risk Mindset to AI

Mayer Brown on

Artificial intelligence (AI) and other emerging technologies have the potential to revolutionize the financial industry. At the same time, its use introduces new risks that need to be anticipated and addressed. This paper...more

Troutman Pepper Locke

AI Discrimination and Emerging Best Practices – Part 2 - The Good Bot Podcast

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Join Troutman Pepper Partner Brett Mason for a podcast series analyzing the intersection of artificial intelligence (AI), health care, and the law. In this installment, Brett Mason is joined by colleagues Jim Koenig, Alison...more

Cozen O'Connor

Understanding the Colorado AI Act

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With the governor’s signature, Colorado has enacted a new consumer protection law focused on artificial intelligence (“AI”) systems. The “Colorado AI Act” will go into effect on February 1, 2026. It will have a minor impact...more

Faegre Drinker Biddle & Reath LLP

Artificial Intelligence Briefing: Responsible Innovation and Increasing Regulations

This month, the NYDFS issued guidance on cybersecurity risks tied to AI for financial services firms, focusing on risks like AI-enabled attacks and third-party dependencies; California passed a law regulating AI in health...more

Troutman Pepper Locke

U.S. Senator Rounds Introduces Legislation Aimed at Fostering AI Innovation in the Financial Services Industry

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On August 27, U.S. Senator Mike Rounds (R-SD) introduced the “Unleashing AI Innovation in Financial Services Act” (S. 4951), a bill aimed at fostering artificial intelligence (AI) innovation within the financial services...more

Troutman Pepper Locke

2024 Mid-Year Review: State AGs Shaping Regulatory Landscapes

Troutman Pepper Locke on

In 2024, the landscape of state attorneys general (AGs) is poised for significant change, with numerous elections and regulatory actions reshaping priorities and enforcement strategies. This dynamic environment reflects the...more

Womble Bond Dickinson

Colorado Passes Consumer Protection Law Regulating AI

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While some states have existing laws governing certain aspects of the use of AI, on May 17, Colorado became the first state to enact comprehensive artificial intelligence (AI) legislation. Senate Bill 24-205, “Concerning...more

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