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Benesch

AI Reporter - May 2025

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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

K2 Integrity

Why Traditional Banks Keep Failing At Fintech

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Yet another bank-led fintech venture has shut down within a year of its launch. HSBC’s Zing, a payments app, failed to gain traction beyond its initial market and was discontinued. Despite ambitious plans to expand across two...more

Perkins Coie

CFPB Finalizes Proposed Open Banking Rule on Personal Financial Data Rights

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Background on Open Banking and the CFPB - The Consumer Financial Protection Bureau (CFPB) recently finalized a rule on personal financial data rights (Rule), implementing Section 1033 of the Consumer Financial Protection Act...more

Morrison & Foerster LLP

New European Fintech Regulations Affecting ICT Providers

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Both the EU and the UK are taking steps to enhance the rules in the financial services sector to add a new layer of direct regulation for key technology providers to banks and other regulated financial services institutions –...more

Bennett Jones LLP

OSFI Calls for Consultation on Draft Guidelines for Technology and Cyber Risk Management

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On November 9, 2021, the Office of the Superintendent of Financial Institutions (OFSI) launched a three-month public consultation on the Draft Guideline B-13: Technology and Cyber Risk Management....more

Farella Braun + Martel LLP

Strategy Lessons From Wells Fargo Fintech Patent Litigation

United States Automobile Association (USAA) is a financial services company that provides insurance, banking, investment, and retirement products and services for members of the military and their families. On June 7, 2018,...more

Nutter McClennen & Fish LLP

Fintech in Brief: OCC Singles Out Financial Innovation as Special Risk Topic

On May 20, the OCC published its Semiannual Risk Perspective, Spring 2019 and singled out financial innovation and rapid developments in Fintech as a special topic in emerging risks to the banking industry. This is the first...more

Hogan Lovells

We Should Be Friends: Community Banks and Fintech Companies

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Community banks play an essential role in the American financial system – they provide the majority of small business and farm loans, as well as mortgage and general banking services. In addition, community banks remain one...more

Hogan Lovells

FTC Hosts FinTech Forum on Artificial Intelligence and Blockchain Technologies, Part II

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As previously reported, on Thursday, March 9th, the Federal Trade Commission (FTC) hosted a forum on the consumer implications of recent developments in artificial intelligence (AI) and blockchain technologies. This is the...more

Hogan Lovells

FTC Hosts FinTech Forum on Artificial Intelligence and Blockchain Technologies

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On Thursday, March 9th, the Federal Trade Commission (FTC) hosted a forum on the consumer implications of recent developments in artificial intelligence (AI) and blockchain technologies. This was the FTC’s third forum on...more

Hogan Lovells

Hogan Lovells Global Payments Newsletter - January 2017

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Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as...more

Bradley Arant Boult Cummings LLP

CFPB Sends Clear Message That FinTech Start-Ups Have Same Obligations as Established Companies

In a clear message to FinTech start-ups, on September 27, 2016, the Consumer Financial Protection Bureau (CFPB) ordered online lender Flurish, Inc. to pay $1.83 million in refunds and a civil penalty of $1.8 million for...more

Bradley Arant Boult Cummings LLP

Federal and State Authorities Take First Steps Toward Regulating Blockchain, Mobile Banking and Digital Financial Services

Last week, federal and state lawmakers took significant steps toward specific regulations targeting digital financial technology, mobile banking and cybersecurity, signaling the possibility of wholesale changes to the legal...more

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