News & Analysis as of

Innovative Technology Consumer Financial Protection Bureau (CFPB)

Orrick, Herrington & Sutcliffe LLP

CFPB releases report on implementing scientific tenets

On August 20, the CFPB released a report describing the actions it will take to implement “Gold Standard Science.” On May 23, President Trump issued Executive Order 14303, “Restoring Gold Standard Science,” directing federal...more

Wiley Rein LLP

[Podcast] Open Banking, Financial Data Rights, and What it Means for Crypto

Wiley Rein LLP on

In the latest episode of CryptoCounsel, Frank is joined by his Wiley colleague Duane Pozza for a deep dive into open banking with guest Steve Boms, Founder and President of Allon Advocacy and Executive Director of the...more

Ballard Spahr LLP

AI in the Financial Services Industry

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The recent American Association of Residential Mortgage Regulators Annual Conference included a presentation highlighting the rising use of Artificial Intelligence (“AI”) in the Financial Services industry. As this will...more

Jones Day

With New Action Plan, White House Launches AI "Space Race"—What Banks Should Know

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The White House has issued an AI Action Plan that aims to position the United States as the leader in artificial intelligence ("AI"), as part of a broader pattern of boosting innovation and reducing regulatory burden, with...more

Stinson LLP

Trump's First 100 Days: Banking & Financial Services

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While existing regulations won't be erased overnight, the Trump Administration can quickly rescind informal agency guidance, including advisory opinions, interpretive rules and policy statements, creating opportunities for...more

Goodwin

Money20/20 Zeros in on AI, Open Banking, and Payment Innovation

Goodwin on

The end of October marked the conclusion of another successful year of Money20/20, the premier event for the payments, banking, fintech, and financial services industries. If you missed the conference, fear not. Below is a...more

Littler

The CFPB Cautions Employers About Using Technology to Track, Assess, and Evaluate Workers

Littler on

On October 24, 2024, the federal Consumer Financial Protection Bureau (CFPB) published a circular cautioning employers about using workplace tracking technology, including AI, under the Fair Credit Reporting Act (FCRA). The...more

Alston & Bird

CFPB Submits Comment Letter on Use of AI in Financial Services

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What Happened? On August 12, the Consumer Financial Protection Bureau (CFPB) submitted a comment letter in response to a Treasury Department Request for Information on the use of AI in financial services....more

Hinshaw & Culbertson - Privacy, Cyber & AI...

4 Key Takeaways for Privacy Professionals Taken From the IAPP 2024 Global Summit

We recently attended the International Association of Privacy Professionals (IAPP) 2024 Global Summit. The event provided great insights into privacy, artificial intelligence (AI), and regulatory issues, and we wanted to...more

ArentFox Schiff

The Federal Trade Commission and Artificial Intelligence

ArentFox Schiff on

Artificial intelligence (AI) burst into the public consciousness less than one year ago, with OpenAI’s highly successful public release of ChatGPT. Since then, AI-enabled products and services have proliferated throughout the...more

BCLP

A Survey of the US AI Regulatory Landscape

BCLP on

As companies increasingly integrate AI into their products, services, processes, and decision-making, they need to do so in ways that comply with the different laws that have been passed and proposed to regulate the use of AI...more

Gould + Ratner LLP

The Evolving Role of Artificial Intelligence in Business: Staying Ahead of the Curve

Gould + Ratner LLP on

“We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next 10.” These wise words from Bill Gates remind us not to let ourselves be “lulled into inaction.”...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

EEOC Issues Joint Statement on Automated Systems and AI Concerns With Other Agencies

On April 25, 2023, four U.S. federal agencies issued a joint statement pledging to enforce federal laws to “promote responsible innovation” in the context of automated decision-making and artificial intelligence (AI) systems...more

Ballard Spahr LLP

CFPB to hold March 10 event on consumer debt relief

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On March 10, 2020, the CFPB will host a day-long event entitled, “Evolutions in Consumer Debt Relief.”  The event will explore options for consumers facing unmanageable unsecured debt and limited credit options....more

Ballard Spahr LLP

PLI 25th Annual Consumer Financial Services Institute – 25% discount available

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PLI’s 25th Annual Consumer Financial Services Institute will take place on March 23-24, 2020, in New York City (and by live webcast and groupcast in Philadelphia, Pittsburgh, and Mechanicsburg, Pennsylvania, and New...more

Ballard Spahr LLP

CA and NY governors propose expansion of state consumer financial protection regimes

Ballard Spahr LLP on

The governors of California and New York have both proposed to expand the authority of their respective state’s consumer financial services regulator.  Both governors have framed their proposals as a response to what they...more

Ballard Spahr LLP

CFPB and Utah AG announce joint office hours in Salt Lake City as part of ACFIN

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The CFPB and Utah AG’s Office have announced that they will hold the first joint office hours as part of the American Consumer Financial Innovation Network (ACFIN).  The joint office hours will be held on January 30, 2020 in...more

Ballard Spahr LLP

Paul Watkins, Director of the CFPB’s Office of Innovation, discusses final innovation policies in Ballard Spahr webinar

Ballard Spahr LLP on

Paul Watkins, Director of the CFPB’s Office of Innovation, joined Ballard Spahr partners Alan Kaplinsky and James Kim yesterday for a discussion of the CFPB’s final innovation policies.  ...more

Polsinelli

BitBlog Weekly Summary

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This summary covers the last two weeks which includes news about continued enforcement actions by the U.S. Securities and Exchange Commission (“SEC”) involving fraudulent digital asset transactions, dismissal of a securities...more

Proskauer - Blockchain and the Law

Utah Passes the Third State-Run “Sandbox” for Innovative Financial Products and Services

Utah’s governor recently signed into law H.B. 378, which created a sandbox program for companies providing “innovative financial products or services” in the state. The program, run by Utah’s Department of Commerce, requires...more

Ballard Spahr LLP

Utah’s new regulatory sandbox

Ballard Spahr LLP on

Utah Governor Gary Herbert signed H.B. 378, Regulatory Sandbox, into law on March 25, 2019.  This bill created the nation’s third regulatory sandbox program for fintechs, after Arizona, which enacted sandbox legislation in...more

Ballard Spahr LLP

CFPB announces March 2019 advisory group meetings

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The CFPB has published notices in the Federal Register announcing that its Consumer Advisory Board, Credit Union Advisory Council, and Community Bank Advisory Council will hold meetings in Washington, D.C. on March 14, 2019....more

Perkins Coie

Fintech Regulatory Sandboxes: Update on Arizona’s Sandbox and Other Developments

Perkins Coie on

Arizona’s financial technology (“fintech”) sandbox (“Sandbox”), the first of its kind in the United States, has been open for several months and has accepted three participants. A month after the program’s launch, Arizona’s...more

Ballard Spahr LLP

Cato Institute to hold Jan. 17 policy forum on fintech innovation

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The Cato Institute announced that it will hold a policy forum in Washington, D.C. on January 17, 2019 at which the topic will be “Promoting Fintech Innovation and Consumer Choice: The Role of Regulatory Sandboxes.”...more

Ballard Spahr LLP

Arizona AG announces more fintech sandbox participants

Ballard Spahr LLP on

In August 2018, Arizona began accepting applications for its regulatory sandbox that “enables a participant to obtain limited access to Arizona’s market to test innovative financial products or services without first...more

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