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Machine Learning Consumer Financial Protection Bureau (CFPB)

Troutman Pepper Locke

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

Troutman Pepper Locke on

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

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: The Patterns of Digital Deception

Ballard Spahr LLP on

Our podcast show today features Gregory M. Dickinson, Assistant Professor of Law at the University of Nebraska, who was previously a guest on our show on August 3, 2023. Our 2023 episode was based on Professor Dickinson’s...more

Bradley Arant Boult Cummings LLP

CFPB Examinations Highlight Fair Lending Risks in Credit Scoring Models

Amid recent technological advances in artificial intelligence and machine learning, on January 17, 2025, the CFPB issued its Winter 2025 Supervisory Highlights: Advanced Technologies Special Edition. This edition of...more

Troutman Pepper Locke

CFPB Highlights Fair Lending Risks in Advanced Credit Scoring Models

Troutman Pepper Locke on

Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its latest Supervisory Highlights report, focusing on the use of advanced technologies in credit scoring models. ...more

McGlinchey Stafford

CFPB Issues New Guidance on AI in Employment Decisions

McGlinchey Stafford on

Technology—what did we ever do without it? There are many technological programs at an employer’s disposal, ranging from checking a candidate’s background during the application process to surveilling employee activity by...more

Faegre Drinker Biddle & Reath LLP

Artificial Intelligence Briefing: Lawsuits, Agreements and Comments – Oh My!

Recent developments in AI continue to highlight its increasing prevalence and the regulatory challenges it poses. The DOJ has sued RealPage, alleging its AI software enables rent price-fixing, while NIST partnered with OpenAI...more

Alston & Bird

CFPB Submits Comment Letter on Use of AI in Financial Services

Alston & Bird on

What Happened? On August 12, the Consumer Financial Protection Bureau (CFPB) submitted a comment letter in response to a Treasury Department Request for Information on the use of AI in financial services....more

Skadden, Arps, Slate, Meagher & Flom LLP

CFPB Comments on AI Offer Insights for Consumer Finance Industry

On August 12, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) provided comments on the use of artificial intelligence (AI) in the financial services sector that are among its most extensive regarding risks and...more

Pillsbury Winthrop Shaw Pittman LLP

Truth-in-AI and Robo-Deception: How Regulation Is Evolving to Address Deepfakes, Robocalls and More to Avoid the Erosion of...

The rise of generative AI in advertising challenges existing regulatory frameworks and threatens consumer trust. Businesses using AI-generated content must grapple with legal, ethical and practical implications...more

Benesch

AI Reporter - July 2024

Benesch on

The AI sector continues to experience regulatory growing pains. Tech companies are struggling to comply with the EU’s new AI laws, which require more transparency in their model training. Meta, in particular, had to halt its...more

Akin Gump Strauss Hauer & Feld LLP

Akin Intelligence - June 2024

Welcome to the June edition of Akin Intelligence. This month, the General Services Administration (GSA) launched its first AI-focused cohort of Presidential Innovation Fellows (PIF), bringing together experts from across the...more

Ankura

Spring Cleaning in the AI Space: Five Key Takeaways from SEC’s Crackdown on “AI Washing”

Ankura on

The proliferation of AI-powered offerings in the marketplace and discussions about AI's effect on jobs has become impossible to ignore. According to Goldman Sachs, 36% of S&P 500 companies mentioned AI on their earnings call...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

Seyfarth Shaw LLP

Commercial Litigation Outlook - 2024

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By any measure, the world has changed vastly since we issued our first Commercial Litigation Outlook in 2020. We are now on our fourth installment of providing insights and flagging trends for what to expect in the coming...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 4, Issue 1, January 2024

OCC Issues Guidance on ‘Buy Now, Pay Later’ Lending - “The guidance notes that banks should maintain underwriting, repayment terms, pricing, and safeguards that minimize adverse customer outcomes and should ensure that...more

Skadden, Arps, Slate, Meagher & Flom LLP

AI Insights: How Regulators Worldwide Are Addressing the Adoption of AI in Financial Services

Following the declaration of the international artificial intelligence (AI) “Safety Summit” at Bletchley Park (Bletchley Summit) on November 1, 2023, and the White House’s October 30, 2023, Executive Order on AI (Executive...more

Ballard Spahr LLP

CFPB Director Chopra addresses AI concerns

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According to media reports, CFPB Director Rohit Chopra expressed his concerns over the rise of generative artificial intelligence (AI) technology in his remarks at an Axios event in Washington, D.C. last week. Director...more

Holland & Knight LLP

2023 Artificial Intelligence Regulation: An Update from a Senior FTC Official

Holland & Knight LLP on

Holland & Knight hosted Michael Atleson, a senior attorney for the Federal Trade Commission (FTC or Commission), for a webinar presentation on Nov. 7, 2023. Mr. Atleson has been with the FTC for nearly two decades and...more

Mintz - Antitrust Viewpoints

Federal Trade Commission Announces Voice Cloning Challenge — 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

Cadwalader, Wickersham & Taft LLP

Financial Services and the Biden Artificial Intelligence Executive Order

On October 30, 2023, the White House announced that President Biden had issued an Executive Order regarding artificial intelligence (“AI”). The Executive Order was accompanied by a Fact Sheet summarizing the eight policy...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

ArentFox Schiff

The Federal Trade Commission and Artificial Intelligence

ArentFox Schiff on

Artificial intelligence (AI) burst into the public consciousness less than one year ago, with OpenAI’s highly successful public release of ChatGPT. Since then, AI-enabled products and services have proliferated throughout the...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

Jones Day

CFPB Guidance Puts Creditors on Notice About AI-Involved Adverse Actions

Jones Day on

Recent Consumer Financial Protection Bureau ("CFPB") guidance reiterates that creditors must provide consumers with accurate and individualized explanations for adverse actions—a task made more difficult by the complexity of...more

Faegre Drinker Biddle & Reath LLP

Artificial Intelligence Briefing: AI Insight Forum Underway

Dozens of senators kicked off a series of closed-door sessions, known as the A.I. Insight Forum, to hear from key industry stakeholders and discuss AI regulation. Will they be able to reach consensus on the scope of future...more

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