News & Analysis as of

Algorithms FinTech Enforcement Actions

Cozen O'Connor

Cash Advance Company to Pay $17 Million in FTC Settlement

Cozen O'Connor on

The FTC has reached a proposed settlement with Cleo AI, Inc., resolving allegations that the personal finance app violated the FTC Act and the Restore Online Shoppers’ Confidence Act through deceptive marketing and billing...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Informed Board - Summer 2024

Across industries, companies are facing new and uncertain regulatory pressures and demands in areas including artificial intelligence, sustainability, algorithmic pricing and fintech-bank relations. In this issue of The...more

Womble Bond Dickinson

SEC Marketing Rule: Fintech Enforcement Actions

Womble Bond Dickinson on

This alert highlights recent artificial intelligence (AI)-related enforcement actions that the Securities and Exchange Commission (SEC) has brought against investment advisers under the SEC's "Marketing Rule." The enforcement...more

ArentFox Schiff

Investigations Newsletter: Deputy Attorney General Monaco Warns Industries: “Fraud Using AI is Still Fraud”

ArentFox Schiff on

On March 7, Deputy Attorney General Lisa Monaco delivered the keynote remarks at the American Bar Association’s (ABA) 39th National Institute on White Collar Crime. She noted that artificial intelligence (AI) “holds great...more

Sheppard Mullin Richter & Hampton LLP

CFPB Targets FinTech for Faulty Automated Savings Algorithm

On August 10, the CFPB issued a consent order against a FinTech company for a faulty algorithm utilized in its personal finance management app that caused consumer accounts to overdraft and incur overdraft penalties....more

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