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Benesch

AI Reporter - May 2025

Benesch on

The use of AI in banking was a topic in April, as Bank of America revealed it will spend $4 billion on AI initiatives in the coming year. The bank cited AI’s usefulness in reducing IT support calls and the over 90% usage...more

Sheppard Mullin Richter & Hampton LLP

OCC’s Hood Emphasized AI Oversight and Inclusion in Financial Services

On April 29, Acting Comptroller of the Currency Rodney Hood delivered pre-recorded remarks at the National Fair Housing Alliance’s Responsible AI Symposium.  In his speech, Hood reiterated the OCC’s commitment to deploying AI...more

Thomas Fox - Compliance Evangelist

Anti-Money Laundering in the Age of AI

In a recent episode of the podcast Innovation in Compliance, I had the pleasure of speaking with Jennifer Arnold, a leading expert in anti-money laundering (AML) and the co-founder of Minerva, a cutting-edge investigation and...more

Baker Donelson

President Biden's AI Executive Order: What Private Sector Organizations Need to Consider

Baker Donelson on

On October 30, 2023, President Biden signed an Executive Order as a part of the administration's continued efforts to regulate the development and use of artificial intelligence (AI)-based technologies. Although many...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

BCLP

Does Your Current Use of AI in Financial Services Align with the U.S. “AI Bill of Rights”?

BCLP on

As OpenAI’s release of ChatGPT in late 2022 and expected release of GPT-4 in 2023 continues to garner widespread attention, there is renewed focus on both opportunities and risks presented by the use of artificial...more

Pillsbury - Internet & Social Media Law Blog

Regulators Zero In on AI

As previously discussed, financial services regulators are increasingly focused on how businesses use artificial intelligence (AI) and machine learning (ML) in underwriting and pricing consumer finance products. Although...more

Faegre Drinker Biddle & Reath LLP

Artificial Intelligence Briefing: CFPB Weighs in on Algorithmic Transparency

The federal government continues to take significant interest in organizations using artificial intelligence and algorithmic decision-making systems, as evidenced by three recent developments out of Washington, D.C. ...more

McGlinchey Stafford

CFPB Takes Adverse Action Against Machine Learning

McGlinchey Stafford on

The Consumer Financial Protection Bureau (CFPB) has been contemplating data, algorithms, and machine learning for years. In 2017, as part of a field hearing on alternative data, the CFPB issued a request for information in...more

Jenner & Block

CFPB and other Federal Regulators Eye Regulation Aimed at Curbing Algorithmic Bias in Automated Home Valuations

Jenner & Block on

Late last month, the Consumer Financial Protection Bureau (CFPB) took another step toward adopting rules governing the use of artificial intelligence (AI) and algorithms in appraising home values. Specifically, the CFPB...more

Ballard Spahr LLP

FTC offers advice on use of artificial intelligence and algorithms

Ballard Spahr LLP on

Andrew Smith, Director of the FTC Bureau of Consumer Protection, has written a blog post, “Using Artificial Intelligence and Algorithms,” in which the FTC “offer[s] important lessons about how companies can manage the...more

King & Spalding

Artificial Intelligence and the Fair Housing Act: Algorithms Under Attack?

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The Fair Housing Act (“FHA”), enacted more than fifty years ago, prohibits discriminatory practices in housing. The FHA makes it illegal to “make unavailable or deny . . . a dwelling to any person” or “discriminate against...more

Kilpatrick

The Use Of Artificial Intelligence (Ai) In Financial Services: Some Early Lessons For The Practitioner

Kilpatrick on

In a recent speech delivered at “Fintech and the New Financial Landscape” in Philadelphia, Federal Reserve Board Governor Lael Brainard discussed how technology is changing the financial landscape and the lessons being...more

Holland & Knight LLP

FTC Kicks Off New Consumer Protection Hearings: Focuses on the Use of Big Data and Artificial Intelligence

Holland & Knight LLP on

The Federal Trade Commission (FTC) continues its comprehensive efforts to focus on consumer protection issues, including those around the use of Big Data, Artificial Intelligence (AI) and predictive analytics. These tools are...more

Davis Wright Tremaine LLP

Discrimination and Algorithms in Financial Services: Unintended Consequences of AI

It’s troubling enough when facial recognition software couldn’t recognize Asian faces, the crime prediction algorithm targeted black neighborhoods, the job bank was more likely to show men highly paid executive jobs, and the...more

Carlton Fields

The Ghosts of Christmas Past, Present, and Future Haunt Insurers’ Use of Big Data and Algorithmic Tools

Carlton Fields on

Watching as legislators, regulators, and policymakers’ consider what changes, if any, are necessary for insurers’ use of big data and algorithmic tools, is like being visited by the Ghosts of Christmas Past, Present, and...more

Polsinelli

Meet HAL, Your New Robo-Adviser: SEC Regulatory Guidance For Robo-Advisers

Polsinelli on

“Hello, Dave. You're looking well today.” In the iconic science fiction movie, 2001: A Space Odyssey, the HAL 9000 computer courteously greeted his astronaut human companion Dave Bowman. HAL was a Heuristically...more

Goodwin

Treasury Department Weighs in on Online Marketplace Lending

Goodwin on

On May 10, 2016, the U.S. Treasury Department released a white paper entitled, “Opportunities and Challenges in Online Marketplace Lending.” The white paper is the result of a request for information that elicited more than...more

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