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Consumer Financial Protection Bureau (CFPB) Bias

Alston & Bird

Appraisal Bias Settlement: Potential Roadmap

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What Happened? The lender and consumers reached a settlement in an appraisal bias case, Nathan Connolly and Shani Mott v. Shane Lanham, 20/20 Valuations, LLC, and loanDepot.com, LLC, filed in Maryland District Court, that...more

Ballard Spahr LLP

CFPB Addresses ASC Appraisal Bias Hearings and Structure of The Appraisal Foundation

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The CFPB published a blog discussing a few key takeaways from a series of public hearings addressing appraisal bias....more

Cozen O'Connor

The State AG Report – 3.7.2024

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •Washington AG Adds to Nationwide Efforts to Prevent (A)I,...more

Venable LLP

Federal Regulators Continue their Focus on Fair Lending and Appraisal Bias

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As 2024 gets off the ground, federal regulators are continuing their focus on fair lending issues. In February, the Federal Financial Institutions Examination Council (FFIEC) released a statement on examination principles...more

Hudson Cook, LLP

CFPB Bites of the Month - February 2024 - "I Got You, CFPB".

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In this month's article, we share some of our top "bites" covered during the February 2024 webinar....more

Husch Blackwell LLP

FFIEC Issues Statement on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending

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On February 12, 2024, the Federal Financial Institutions Examination Council (FFIEC) issued a statement of principles that relate to valuation discrimination and bias for its member entities to consider in preparation for...more

Ballard Spahr LLP

FFIEC Issues Examination Principles Statement Regarding Valuation Bias

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The Federal Financial Institutions Examination Council (FFIEC) recently issued a statement of principles related to valuation discrimination and bias for member entities to consider in their consumer compliance and safety and...more

Cadwalader, Wickersham & Taft LLP

Financial Services and the Biden Artificial Intelligence Executive Order

On October 30, 2023, the White House announced that President Biden had issued an Executive Order regarding artificial intelligence (“AI”). The Executive Order was accompanied by a Fact Sheet summarizing the eight policy...more

Morrison & Foerster LLP

AI Executive Order: Consumer Financial Services Touchpoints

On October 30, 2023, President Biden issued a wide-ranging Executive Order designed to protect Americans from potential risks associated with artificial intelligence (AI) systems. The Executive Order on the Safe, Secure, and...more

Troutman Pepper

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

Troutman Pepper on

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

Ballard Spahr LLP

Appraisal Subcommittee to Host Public Hearing on Appraisal Bias

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The Federal Financial Institutions Examination Council’s Appraisal Subcommittee (ASC) is scheduled to host a public hearing on Wednesday, November 1, 2023. The upcoming hearing on appraisal bias will focus on how residential...more

Kelley Drye & Warren LLP

Big Brother & Biased Bots: Practical Considerations for Using AI in Employment Decision-Making

The adoption of artificial intelligence (AI) in the workplace is accelerating with an increasing number of employers integrating AI-related technologies into every stage of the employment lifecycle – from recruitment to...more

White & Case LLP

Edition 4 of the AI Legal News Summer Roundup

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In this edition, key themes include creators and consumers seeking more control and protection over how their content is used to train AI models (whether under copyright law or privacy laws), and governments grappling with...more

ArentFox Schiff

EEOC Brings First-of-Its-Kind Enforcement Action Against Employer for Using Artificial Intelligence to Discriminate Against...

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Increasingly, employers are utilizing automated systems, including artificial intelligence (AI) or machine learning, to target job advertisements, recruit applicants, and make hiring decisions. Such systems expose employers...more

Ballard Spahr LLP

Federal Agencies Propose Reconsideration of Value Guidance

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A group of federal agencies have proposed reconsideration of value (ROV) guidance for residential real estate valuations. The agencies are the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB),...more

Gould + Ratner LLP

Using AI in Human Resources: The Legal Landscape

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In Part I of this three -part series on artificial intelligence (AI) in the workplace, we explored some of AI’s uses in the workplace and potential legal complications with the technology. In this Part II, we explore legal...more

Lippes Mathias LLP

Federal Agencies Signal Collaborative and Increasing Enforcement Efforts Against Discrimination and Bias in Automated Systems

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While state and federal agencies are developing regulations directly targeting automated decision-making systems, on April 25, 2023, the Consumer Financial Protection Bureau (CFPB), Justice Department (DOJ), Equal Employment...more

Wiley Rein LLP

Wiley Consumer Protection Download (May 8, 2023)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Davis Wright Tremaine LLP

Federal Agencies Will Jointly Look for Bias and Discrimination in AI - DOJ, FTC, CFPB, and EEOC Announce Joint Commitment to Use...

On April 25, 2023, the Federal Trade Commission (FTC), the Civil Rights Division of the U.S. Department of Justice (DOJ), the Consumer Financial Protection Bureau (CFPB), and the U.S. Equal Employment Opportunity Commission...more

WilmerHale

Four Federal Agencies Reaffirm Authority to Monitor Automated Systems for Unlawful Discrimination and Other Federal Law Violations

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On April 25, 2023 four federal agencies—the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), the United States Department of Justice (DOJ), and the U.S. Equal Employment Opportunity Commission...more

Moore & Van Allen PLLC

Federal Agencies Issue Joint Statement Addressing Enforcement Authority & AI

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As artificial intelligence systems such as ChatGPT and Midjourney have become increasingly prominent, so have concerns about the effects that such programs may have on the economy and society at large. With more businesses...more

Orrick, Herrington & Sutcliffe LLP

Federal agencies reaffirm commitment to confront AI-based discrimination

On April 25, the CFPB, DOJ, FTC, and Equal Employment Opportunity Commission released a joint statement reaffirming their commitment to protect the public from bias in automated systems and artificial intelligence (AI). ...more

Fox Rothschild LLP

Federal Agencies Pledge to Fight Discrimination in AI

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Four federal agencies have pledged to uphold the principles of fairness, equality, and justice in enforcement efforts against discrimination and bias in artificial intelligence (AI). The Consumer Financial Protection...more

Epstein Becker & Green

Federal Agencies Issue “Joint Statement on Enforcement Efforts Against Discrimination and Bias in Automated Systems”

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On Tuesday, April 25, 2023, the Equal Employment Opportunity Commission (“EEOC”), Consumer Financial Protection Bureau (“CFPB”), Justice Department’s Civil Rights Division (“DOJ”), and the Federal Trade Commission (“FTC”)...more

Alston & Bird

Structured Finance Spectrum – February 2023

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Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features a new year for a new UCC Article 12, a farewell to LIBOR, and an appraisal...more

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