Financial Institutions, Artificial Intelligence, Consumer Privacy Rights

What Are the Key Enforcement Priorities of the FTC?

Fox Rothschild LLP on 5/19/2025

Actual deception, substantial injury (including through AI), kids and teens, financial institutions and employees. Those are the key enforcement priorities of the Federal Trade Commission when it comes to data privacy...more

State Laws Present Litigation Risks for Financial Industry’s Artificial Intelligence Use

BCLP on 3/11/2025

The financial industry increasingly uses artificial intelligence (“AI”) to raise business efficiencies, improve customer experience, and limit fraud and crime. However, two lawsuits leveraging existing state privacy laws and...more

NYDFS Releases Artificial Intelligence Cybersecurity Guidance For Covered Entities

White & Case LLP on 11/26/2024

On October 16, 2024, the New York State Department of Financial Services (the "DFS"), under its Cybersecurity Regulation—23 NYCRR Part 500—issued a memorandum providing guidance on the risks posed by artificial intelligence...more

Cyber and AI: NYDFS has entered the chat

A&O Shearman on 10/22/2024

On October 16, 2024, the New York Department of Financial Services (“NYDFS”) released an Industry Letter—entitled Cybersecurity Risks Arising from Artificial Intelligence and Strategies to Combat Related Risks (the “Letter”)....more

Generative AI and Financial Services: A Recent View From the UK Regulator

Goodwin on 7/28/2023

In a recent speech, Nikhil Rathi, CEO of the UK Financial Conduct Authority (FCA), set out the FCA’s latest views on the role of artificial intelligence (AI) in financial services. The speech highlights many benefits but also...more

Data Protection Update: Q3 Noteworthy Dates

Jackson Lewis P.C. on 6/15/2023

June 9th marked the deadline for financial institutions, including certain non-banking institutions that collect or maintain sensitive customer information (e.g., car dealerships), to implement a comprehensive information...more