Revisiting Financial Institution Incentive Compensation Rules Under Dodd-Frank — The Consumer Finance Podcast
Following the publication of the European Union’s Artificial Intelligence Act (AI Act or Act) on 12 July 2024, there are now a series of steps that various EU bodies need to take towards implementation. One of the first key...more
One of our recent posts discussed the uptick in AI risks reported in SEC filings, as analyzed by Arize AI. There, we highlighted the importance of strong governance for mitigating some of these risks, but we didn’t address...more
On August 27, Senator Mike Rounds (R-SD) unveiled five AI bills for Congress to consider when its members return from the August recess on September 8. Three are stand-alone bills that would promote the use of AI in the...more
Though responsible and ethical use of artificial intelligence (AI) has been a hot topic for the past few years, there has not yet been significant adoption of laws or regulations aimed specifically at regulating the use of AI...more
In my July column, I wrote about the connection between corruption and the environment. But corruption also has a link to the “S” of the environmental, social, and governance (ESG) pillars. Corruption is both a cause and a...more
Special Economic Zones (SEZs) are well established tools for increasing exports, facilitating imports and driving economic growth in their host economies. SEZs are "demarcated geographic areas contained within a country's...more
As generative artificial intelligence continues to revolutionize business operations across industries, it has become imperative for companies to establish robust internal policies governing its use by employees. This alert...more
A recent Forbes article summarizes a potentially problematic aspect of AI which highlights the importance of governance and the quality of data when training AI models. It is called “model collapse.” It turns out that over...more
Colorado became the first U.S. state to pass a law protecting consumers from harm when using artificial intelligence (AI). Senate Bill 24-205 on Consumer Protections for Artificial Intelligence was passed on May 17, 2024. The...more
As the “AI Revolution” continues to gain momentum, questions concerning professional ethics have arisen across almost all professions. For legal services providers in particular, this disruptive technology poses both risks...more
Having “rescued” dozens of Enterprise Resource Planning (ERP) implementations, what we see as the absolute key to success is the selection and management of your System Implementer (SI). We call them rescues because without...more
On July 29, 2024, the American Bar Association issued ABA Formal Opinion 512 titled “Generative Artificial Intelligence Tools.” The opinion addresses the ethical considerations lawyers are required to consider when using...more
A recent Executive Order from the Biden administration noted the “promise and peril” of artificial intelligence (AI). For instance, AI has the potential to transform the workplace in unprecedented ways. Its capabilities range...more
On July 26, NIST released a final version of its Generative Artificial Intelligence Profile (GenAI Profile), a cross-sectoral profile of and companion to the AI Risk Management Framework (AI RMF) (for further detail on the AI...more
On August 1, 2024, the regulation of artificial intelligence (AI) took a major leap forward as the EU AI Act officially entered into force. While the Act is enforced within the EU, its extraterritorial scope has important...more
ESAs update consolidated Q&A with new guidance - The European Supervisory Authorities have updated their consolidated questions and answers (“Q&A”) on the Sustainable Finance Disclosure Regulation (“SFDR”) on 25 July 2024....more
On June 24, 2024, the SEC issued five new Compliance & Disclosure Interpretations (C&DIs) relating to the materiality assessment and disclosure requirements of material cybersecurity incidents under Item 1.05 of Form 8-K....more
On March 6, 2024, the Securities and Exchange Commission (the “SEC”) adopted final climate disclosure rules (the “Final Rules”)1 to take effect as early as the beginning of the 2025 fiscal year. On April 4, 2024, the SEC...more
Get Ahead of the Curve and Prepare for the January 2025 Digital Operation Resilience Act Compliance Deadline with Confidence. The financial sector is no stranger to regulations aimed at enhancing operational resilience...more
...As the world grapples with the rapid advancement of artificial intelligence (AI) technologies, concerns about the potential risks and unintended consequences have understandably taken center stage. While some advocate for...more
Senators Gary Peters (D-MI) and Thom Tillis (R-NC) introduced the PREPARED for AI Act. The bill aims to position federal agencies to safely and effectively adopt AI technologies by creating a comprehensive risk-mitigating...more
In this episode of The Consumer Finance Podcast, Chris Willis delves into the renewed focus on incentive compensation by federal financial regulators. Joined by colleagues Sheri Adler and Jina Davidovich from the Employee...more
As artificial intelligence (AI) continues to advance rapidly, organizations of all types are seeking to deploy this powerful tool to increase the effectiveness and efficiency of their operations, improve service to their...more
As private-equity backed portfolio companies work through the effects of the last several years of economic challenges, including continuing elevated interest rates, they may find themselves in need of covenant relief,...more
A recent decision by the Delaware Court of Chancery, W. Palm Beach Firefighters’ Pension Fund v. Moelis & Co. (“Moelis”), held corporate shareholder agreements are invalid if they impose certain restrictions on the Company’s...more