News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Customer Service Standard

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

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights - Issue 2, July 2023

CFPB Issue Spotlight Analyzes “Artificial Intelligence” Chatbots in Banking - "Poorly deployed chatbots can impede customers from resolving problems." Why this is important: The Consumer Financial Protection Bureau...more

Clark Hill PLC

Revealing the Blind Spots: A Critical Review of the CFPB’s Issue Spotlight on Chatbots in Consumer Finance

Clark Hill PLC on

As the evolution of Artificial Intelligence (“AI”) dominates headlines throughout the globe, financial institutions have been paying attention. Not surprisingly, so has the Consumer Financial Protection Bureau (“CFPB” or...more

Goodwin

CFPB Highlights Risks Arising from Chatbot Usage in Banking Industry

Goodwin on

On June 6, 2023, the Consumer Financial Protection Bureau (CFPB) issued a Spotlight on financial institutions’ growing use of “chatbots” as a means to provide cost-effective customer service. The use of chatbots in...more

Goodwin

Financial Services Weekly News - July 2016 #3

Goodwin on

Regulatory Developments - SEC Proposes Amendments to Update and Simplify Disclosure Requirements as Part of Overall Disclosure Effectiveness Review - On July 13, the Securities and Exchange Commission (SEC) proposed...more

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