In May, Montana enacted Senate Bill 297, which amends the Montana Consumer Data Privacy Act (MCDPA) to eliminate the broad exemption for financial institutions subject to the Gramm-Leach-Bliley Act (GLBA). Connecticut...more
Visit our resource center, CFPB Pause: Where From Here?, to stay on top of the latest and what it may mean for the federal and state regulatory and enforcement landscape. On February 11, the White House announced the...more
The Trump Administration promises a new landscape for financial institutions and fintechs. Orrick’s John Coleman, Amanda Lawrence, Jeff Naimon and Katy Ryan spoke about how to plan and operate in the coming months....more
The CFPB recently published a decision and order subjecting a nonbank consumer lender to its supervisory authority based on its determination that the lender may be “engaging, or has engaged, in conduct that poses risks to...more
On November 1, the New York Department of Financial Services (NYDFS) amended its cybersecurity regulations to set additional notification, administrative, training and technical requirements. The Amended Cybersecurity...more
Artificial intelligence (AI) offers financial institutions the opportunity to enhance operational efficiency, customer experiences and financial and other risk management. However, these models must be subjected to...more
Since opening its doors in July 2011, the Consumer Financial Protection Bureau (CFPB) has not been shy about initiating enforcement actions against companies and individuals subject to its authority, recovering billions of...more
The Consumer Financial Protection Bureau (CFPB) warned financial institutions this week about the risks of using AI-powered chatbots to communicate with consumers. The Bureau advised financial institutions to “consider the...more