News & Analysis as of

Artificial Intelligence Consumer Financial Protection Bureau (CFPB) Rulemaking Process

Sheppard Mullin Richter & Hampton LLP

Treasury Highlights AI’s Potential and Risks in Financial Services

On December 19, the U.S. Department of Treasury released a report summarizing key findings from its 2024 Request for Information (RFI) on the uses, opportunities, and risks of Artificial Intelligence (AI) in financial...more

Venable LLP

CFPB to Tackle Customer Service, Chatbots

Venable LLP on

The CFPB is expected to initiate a rulemaking process that would require companies under its jurisdiction to let customers talk to a human by pressing a single button. The CFPB also has plans to issue rules or guidance...more

Ballard Spahr LLP

CFPB to Issue Proposal to Make It Easier for Consumers to Reach ‘Real Person’ When Seeking Assistance

Ballard Spahr LLP on

Many financial services providers would be required to allow consumers seeking assistance to be connected to a “real person” by clicking on one button, under a new Biden Administration “Time is Money” initiative....more

Sheppard Mullin Richter & Hampton LLP

Key Takeaways from the CFPB’s 2023 Fair Lending Report

On June 25, the CFPB issued its annual fair lending report covering its fair lending activity in 2023. The Bureau noted that in 2023 it undertook 28 fair lending examinations and announced four enforcement actions. It...more

Sheppard Mullin Richter & Hampton LLP

Federal Regulators Finalize Rule Enacting Safeguards for AI-Driven Home Valuations

On June 24, the OCC, Federal Reserve Board, FDIC, NCUA, CFPB, and FHFA approved a final rule to implement the quality control standards mandated by the Dodd-Frank Act to address the use of artificial intelligence in...more

Mintz - Antitrust Viewpoints

CFTC Report Calls on Agency to Engage in Rulemaking on AI — AI: The Washington Report

A working group within the Commodity Futures Trading Commission (CFTC) released a report on May 2, 2024, concerning the risks posed by AI adoption in the derivatives market. The report warns that the adoption of AI tools...more

WilmerHale

Year in Review: The Top 10 US Data Privacy Developments From 2023

WilmerHale on

2023 marked a pivotal moment in US data privacy and cybersecurity, characterized by substantial regulatory and legislative advances at the international, federal, and state levels. The Federal Trade Commission (FTC) took a...more

Troutman Pepper Locke

Biden Issues First Executive Order Directing Federal Agencies to Establish New Standards to Promote Safe and Secure Use of AI

Troutman Pepper Locke on

On October 30, President Biden issued a sweeping Executive Order calling on Congress to enact privacy laws and directing federal agencies to review existing rules and potentially explore new rulemakings governing the use of...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - October 2023 - 2

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Mintz - Antitrust Viewpoints

Financial Protection and Autonomous Systems: Recent CFPB Actions Focused on AI — AI: The Washington Report

Welcome to this week's issue of AI: The Washington Report, a joint undertaking of Mintz and its government affairs affiliate, ML Strategies. The accelerating advances in artificial intelligence (“AI”) and the practical,...more

Eversheds Sutherland (US) LLP

CFPB proposal signals a dramatic expansion of the Fair Credit Reporting Act to data brokers

On September 15, 2023, the Consumer Financial Protection Bureau (CFPB) published an outline of expansive rulemaking proposals to modernize the coverage of the Fair Credit Reporting Act (FCRA) to include data brokers, data...more

Akin Gump Strauss Hauer & Feld LLP

Akin Intelligence - September 2023

Welcome to the September edition of Akin Intelligence. As the U.S. Congress reconvenes after the August recess, we continue to see bipartisan interest in artificial intelligence (AI) regulation. In the executive branch,...more

Davis Wright Tremaine LLP

May 2023 UDAAP Bulletin

The following document provides a monthly roundup summarizing enforcement actions, guidance, rulemakings, and other public statements from the Consumer Financial Protection Bureau and the Federal Trade Commission regarding...more

Sheppard Mullin Richter & Hampton LLP

CFPB Warns of Risks Related to AI Chatbots in Banking

On June 6, the CFPB released a new report related to the adoption of chatbots by financial institutions, including those with advanced technology such as generative chatbots and others marketed as “artificial intelligence.”...more

Perkins Coie

Fintech Week in Review - January 2021 #3

Perkins Coie on

Federal Regulation Actions Frozen Pending Review from New Administration - On January 20, 2021, newly inaugurated President Joe Biden issued a memorandum to the Heads of Executive Departments and Agencies asking current...more

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