Popular, Machine Learning, Financial Services Industry

AI Reporter - May 2025

Benesch on 5/15/2025

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

From personalization to supply chain optimization: How AI is shaping deals outside the tech arena

White & Case LLP on 3/3/2025

Investors are ramping up AI-related M&A to secure cutting-edge capabilities and market-beating returns, but high valuations and open-source disruption are forcing a rethink on deal strategy - Global M&A saw a year-on-year...more

AI and Machine Learning in Financial Crime Compliance

BCLP on 1/31/2025

As financial crime risks evolve, including those risks posed by the use of AI and other emerging technologies, so too must firms’ financial crime compliance response. It is unsurprising, therefore, that AI forms part of both...more

Zooming In on AI - #6: AI under financial regulations in the U.S., EU and U.K.

A&O Shearman on 10/8/2024

Many governments are grappling with the question of how to regulate artificial intelligence to ensure it is adopted safely and used responsibly without hampering innovation. Governments have generally indicated similar...more

CFPB Comments on AI Offer Insights for Consumer Finance Industry

Skadden, Arps, Slate, Meagher & Flom LLP on 8/23/2024

On August 12, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) provided comments on the use of artificial intelligence (AI) in the financial services sector that are among its most extensive regarding risks and...more

Anti-Money Laundering in the Age of AI

Thomas Fox - Compliance Evangelist on 6/18/2024

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

SEC Issues First AI-Related Civil Penalties and Warns Against “AI Washing”

Bilzin Sumberg on 3/22/2024

The Securities and Exchange Commission on Monday, March 18, 2024, entered into settlements with Delphia (USA) and Global Predictions, which agreed to pay civil penalties totaling $225,000 and $175,000, for “AI...more

Fintech in Brief: Trends to Watch in 2024

Wilson Sonsini Goodrich & Rosati on 1/16/2024

Where will the fintech industry head in 2024? Our fintech and financial services partners make a few predictions below....more

OCC Risk Perspective Report Focuses on Third-Party Relationships with Fintechs

Ballard Spahr LLP on 12/15/2023

In its Fall 2023 Semiannual Risk Perspective, published on December 7, the Office of the Comptroller of the Currency (“OCC”) reported on key issues facing the federal banking system. In evaluating the overall soundness of...more

AI Insights: How Regulators Worldwide Are Addressing the Adoption of AI in Financial Services

Skadden, Arps, Slate, Meagher & Flom LLP on 12/13/2023

Following the declaration of the international artificial intelligence (AI) “Safety Summit” at Bletchley Park (Bletchley Summit) on November 1, 2023, and the White House’s October 30, 2023, Executive Order on AI (Executive...more

White House AI Order Balances Innovation And Regulation

Rothwell, Figg, Ernst & Manbeck, P.C. on 11/6/2023

On Oct. 30, President Joe Biden issued an executive order on safe, secure and trustworthy artificial intelligence. The executive order provides a sprawling list of directives aimed at establishing standards for AI safety...more

Biden Issues First Executive Order Directing Federal Agencies to Establish New Standards to Promote Safe and Secure Use of AI

Troutman Pepper Locke on 11/2/2023

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

AI in Europe: Road Map for Navigating the IP, Data Protection and Regulatory Considerations

Skadden, Arps, Slate, Meagher & Flom LLP on 9/19/2023

Organizations developing or using generative AI tools should implement cross-functional governance frameworks to develop and continuously monitor their use of such tools. From the earliest stages of generative AI use,...more

[Event] 22nd Annual Canadian Forum on Anti-Money Laundering and Financial Crime - June 7th - 8th, Toronto, Ontario, Canada

American Conference Institute (ACI) on 5/22/2023

AML compliance for reporting entities has never been of greater critical importance than it is today. With the growing sophistication of criminals and the methods and technologies that they employed, combined with the...more

AI regulation in financial services in the EU and the UK: Governance and risk-management

Hogan Lovells on 5/17/2023

Artificial intelligence (AI) and machine learning (ML) technology have started to transform financial services and bring about new business opportunities, but with risks. AI governance should be adopted by financial...more

How AI is Advancing the Securities and Commodities Industry

Morgan Lewis on 1/20/2023

Artificial intelligence (AI) is transforming the global financial services industry, including by helping financial institutions offer innovative new products, increase revenue through efficiencies, and improve customer...more

The role of AI in the new UK Consumer Duty

Hogan Lovells on 10/28/2022

This article is the second in a series on areas impacted by AI. It focuses on the upcoming implementation of a new Consumer Duty, a higher standard of behaviour for financial services firms directly or indirectly interacting...more

Regulators Zero In on AI

Pillsbury - Internet & Social Media Law Blog on 6/21/2022

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

CFPB Takes Adverse Action Against Machine Learning

McGlinchey Stafford on 6/6/2022

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

Federal Regulators' Artificial Intelligence Initiative Is a Promising Development for Financial Industry

Davis Wright Tremaine LLP on 4/6/2021

The federal financial institutions regulatory agencies collectively issued a Request for Information and Comment (RFI) on March 31, 2021, to better understand how artificial intelligence (AI) and machine learning (ML) are...more

AI in Credit Decision-Making Is Promising, but Beware of Hidden Biases, Fed Warns

Lowenstein Sandler LLP on 1/19/2021

As financial services firms increasingly turn to artificial intelligence (AI), banking regulators warn that despite their astonishing capabilities, these tools must be relied upon with caution. Last week, the Board of...more

Fintech 2020: A Global Survey on the State of Financial Technology

Goodwin on 9/16/2020

Letter from Our Co-Chairs - As the digital transformation of financial markets accelerates at breakneck speeds, fintech presents significant opportunities and challenges for both investors and innovators around the world. ...more

CFPB Publishes Blog Post On Providing Adverse Action Notices When Using Artificial Intelligence/Machine Learning Models

Ballard Spahr LLP on 7/14/2020

The CFPB recently published a blog post titled, “Innovation spotlight: Providing adverse action notices when using AI/ML models.”...more

European Banking Authority Publishes Report on Big Data and Advanced Analytics

A&O Shearman on 1/24/2020

The European Banking Authority has published a report on big data and advanced analytics in the banking sector. The report sets out the findings of the EBA's review of big data and analytics and presents key pillars and...more

CFPB gives boost to use of alternative data and machine learning

Ballard Spahr LLP on 8/8/2019

A new CFPB blog post titled “An update on credit access and the Bureau’s first No-Action Letter” provides a boost to lenders using alternative data and machine learning in their underwriting models....more

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