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Orrick, Herrington & Sutcliffe LLP

Fed’s Barr discusses generative AI’s potential impact on financial stability

On February 18, Fed Vice Chair for Supervision, Michael S. Barr, delivered prepared remarks at the a conference, discussing the rapid advancements in AI and its potential impact on the economy and financial stability. Barr...more

A&O Shearman

Mansion House: New Remit Letters for UK Financial Conduct Authority and Prudential Regulation Authority to Focus on Growth

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HM Treasury has published remits and recommendations for the U.K. Financial Conduct Authority and Prudential Regulation Authority, set out in a letter sent from Rachel Reeves, Chancellor of the Exchequer, to Nikhil Rathi, FCA...more

A&O Shearman

Bank of England and UK Financial Conduct Authority Findings on Third Survey of Artificial Intelligence and Machine Learning in UK...

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The Bank of England published the findings of its third joint survey with the U.K. Financial Conduct Authority on the use of Artificial Intelligence and machine learning in financial services. The survey aims to build on...more

A&O Shearman

UK Financial Conduct Authority Seeks Views on Use of AI in UK Financial Services

A&O Shearman on

The Financial Conduct Authority has launched a questionnaire on the current and future uses of AI in U.K. financial services and the financial services regulatory framework. The initiative is part of the FCA's AI Input Zone,...more

Troutman Pepper Locke

U.S. Senator Rounds Introduces Legislation Aimed at Fostering AI Innovation in the Financial Services Industry

Troutman Pepper Locke on

On August 27, U.S. Senator Mike Rounds (R-SD) introduced the “Unleashing AI Innovation in Financial Services Act” (S. 4951), a bill aimed at fostering artificial intelligence (AI) innovation within the financial services...more

Spilman Thomas & Battle, PLLC

Decoded - Technology Law Insights, V 5, Issue 6, July 2024

Welcome to our seventh 2024 issue of Decoded - our technology law insights e-newsletter. We have a few events we want to pass along to those interested in technology, but also other areas of law and business....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

McDermott Will & Emery

International News: Spotlight on Innovation - Issue 60

McDermott Will & Emery on

Innovation fuels business growth and ushers in success, yet it brings its own set of challenges. In our latest issue, we explore innovative products and processes including: - The EU’s new Unified Patent Court...more

Davis Wright Tremaine LLP

CFTC Requests Comments on the Use of Artificial Intelligence

On January 24, 2024, the CFTC's newly formed AI Task Force announced the issuance of a request for comment (RFC) on the current and potential uses and risks of artificial intelligence (AI) in the derivatives markets the CFTC...more

Cadwalader, Wickersham & Taft LLP

Regulatory Quick Takes

The financial services regulatory agencies have rolled into 2024 as busy as ever.  This list hits on some quick takes of developments in the last month; a summit, a meeting and a symposium involving hot topics such as...more

BakerHostetler

SEC’s Scrutiny of AI Expands to Marketing Disclosures and Adviser Exams

BakerHostetler on

Chair Gensler Continues to Be Outspoken About the Risks of AI Technologies - Chair Gensler’s warnings of the potential risks associated with the use of AI technologies in the securities industry recently continued with...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

Carlton Fields

SEC Proposal Balances AI-Like Technology Use With Investor Best Interests: Has the Regulator Picked a Winner?

Carlton Fields on

Like other savvy businesses, investment advisers and broker-dealers have increasingly embraced the use of predictive data analytics, artificial intelligence, and similar technologies (AI-like technologies) to help generate...more

Cadwalader, Wickersham & Taft LLP

CFPB Issues Guidance on Credit Denials by Lenders Using Artificial Intelligence

On September 20th, the Consumer Financial Protection Bureau (“CFPB”) published guidance – Consumer Financial Protection Circular, 2023-03 – regarding the list of reasons that must be provided when an applicant is denied...more

Cadwalader, Wickersham & Taft LLP

SEC Proposes Rule to Address Use of AI By Broker-Dealers and Investment Advisors

Spurred by the prevalent use of predictive data analytics by broker-dealers and investment advisers to direct their recommendations to investors and to ensure that investor interests remain paramount, the Securities and...more

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