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Technology Regulatory Requirements Financial Services Industry

Bradley Arant Boult Cummings LLP

The Keep Call Centers in America Act of 2025: What Financial Services Companies Need to Know

On July 29, 2025, Sens. Ruben Gallego (D-AZ) and Jim Justice (R-WV) introduced the Keep Call Centers in America Act of 2025. The act targets the offshoring of call center operations, imposes new disclosure rules for customer...more

A&O Shearman

UK Mansion House 2025: UK government supports digitisation of UK shareholding framework

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The Digitisation Taskforce has published its final report, recommending a three-step plan to modernise the UK shareholding framework by eliminating paper share certificates and transitioning to a fully digitised and...more

Eversheds Sutherland (US) LLP

NAIC proposes evaluation tool for AI systems used by insurers

On July 7th, the NAIC’s Big Data and AI Working Group (Working Group) exposed a draft of an AI Systems Evaluation Tool (Evaluation Tool). The stated purpose is to provide regulators with a tool that enables them to identify...more

Sheppard Mullin Richter & Hampton LLP

Massachusetts AG Settles with Student Loan Lender on AI-Based Fair Lending Violations

On July 10, Massachusetts Attorney General Andrea Joy Campbell announced a $2.5 million settlement with a student loan company to resolve allegations that its underwriting practices violated the Massachusetts Consumer...more

A&O Shearman

FCA publishes report on open finance sprint

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The UK Financial Conduct Authority (FCA) has published the 2025 outcomes report of the open finance sprint, held in March. The Sprint brought together stakeholders to develop practical data-sharing use cases across four key...more

Patomak Global Partners

American Bankers Association Conference Focused on AI

In June 2025, the ABA held its annual Risk and Compliance Conference. The conference heavily focused on how banks are leveraging AI to support front-, middle-, and back-office functions. Conference participants noted that...more

A&O Shearman

IOSCO publishes final reports on finfluencers, online imitative trading practices and digital engagement practices

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The International Organization of Securities Commissions (IOSCO) has published final reports on finfluencers, online imitative trading practices and digital engagement practices, accompanied by a press release. These reports...more

A&O Shearman

ECON draft report on impact of AI

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The European Parliament's Committee on Economic and Monetary Affairs (ECON) has released a draft report (dated 14 May) and motion for a European Parliament resolution on the impact of artificial intelligence (AI) on the...more

A&O Shearman

CMORG AI Taskforce releases comprehensive AI Baseline Guidance

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The Cross Market Operational Resilience Group's (CMORG) AI Taskforce has released its AI Baseline Guidance Review (dated January 2025), accompanied by a press release. The CMORG AI Taskforce conducted a baseline review of...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

A&O Shearman

Wolfsberg Group guidance supplementing payment transparency standards

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The Wolfsberg Group has published guidance on payment transparency roles and responsibilities to supplement the Wolfsberg Group Payment Transparency Standards. The guidance discusses roles played by key actors in a payment...more

A&O Shearman

ESMA consultation on MiCAR guidelines on assessment of knowledge and competence

A&O Shearman on

The European Securities and Markets Authority (ESMA) has published a consultation paper on the guidelines for the criteria on the assessment of knowledge and competence under Markets in Crypto-Assets Regulation (MiCAR). The...more

BCLP

Managing Technology Supply Chains: What the Advent of the UK’s Critical Third Party Regime Means for Financial Services Firms and...

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The FCA, PRA, and Bank of England have published their finalised critical third party (CTP) rules (and accompanying guidance) in PS24/16 Operational resilience: Critical third parties to the UK financial sector....more

Perkins Coie

CFPB Finalizes Proposed Open Banking Rule on Personal Financial Data Rights

Perkins Coie on

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

BCLP

The EU’s Digital Operational Resilience Act 2022/2554 (DORA)

BCLP on

Long IT sub-contracting chains can make it hard for financial institutions to understand the vulnerabilities in their IT estate and the location of key functions (where these may be located in entities who do not have a...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Regulators Publish Approaches to AI Regulation in Financial Services

On 22 April 2024, the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England published their strategic approaches to regulating AI in response to the UK government’s July 2022 AI...more

Perkins Coie

CFPB Issues Proposed Open Banking Rule

Perkins Coie on

The Consumer Financial Protection Bureau (CFPB) announced that it was issuing a Notice of Proposed Rulemaking regarding Personal Financial Data Rights on October 19, 2023. The proposed rule (Proposed Rule) would implement...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Fund Tokenization: A Greenlight and Blueprint for Implementation

On 24 November 2023, the industry-led Technology Working Group of HM Treasury’s Asset Management Taskforce (Group) released an interim report (Report) outlining a strategic blueprint for the implementation of fund...more

Faegre Drinker Biddle & Reath LLP

New York Department of Financial Services Levies $1.2 Million Fine on Cryptocurrency Platform for Violations of Cybersecurity...

A recent consent order between the New York State Department of Financial Services (“NYDFS”) and cryptocurrency trading platform, bitFlyer USA (“bitFlyer”), shows that the NYDFS continues to utilize an aggressive enforcement...more

Ward and Smith, P.A.

Retaining North Carolina's Booming Virtual Currency Industry

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North Carolina rightfully regards itself as a leader in innovation and as a hub for technology—it hosts Research Triangle Park and world-renowned universities, and according to the NCTech’s 2018 State of Technology Industry...more

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