Artificial intelligence (AI) is becoming ubiquitous across sectors, and the financial services industry is no exception. With the rise of AI, there is also an increase in scrutiny by regulators over its use....more
10/1/2024
/ Artificial Intelligence ,
Bots ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Privacy ,
ECOA ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FinTech ,
Regulatory Standards ,
UDAAP ,
Underwriting
Traditional credit underwriting methods, which are generally based on credit reports, have not always successfully captured the full picture of a borrower’s ability to repay. It is estimated that more than 45 million US...more
3/27/2024
/ Alternative Methods ,
Borrowers ,
Consumer Financial Products ,
Consumer Lenders ,
Credit History ,
Credit Reports ,
Credit Scores ,
Financial Services Industry ,
FinTech ,
Low-Income Issues ,
UDAAP ,
Underwriting ,
Unfair or Deceptive Trade Practices ,
Unsecured Debt
On November 4, the Federal Reserve invited public comment on a proposal to publish a periodic list of depository institutions that have access to Federal Reserve and payment services. These accounts are often referred to as...more
11/11/2022
/ Amazon ,
Apple ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Depository Institutions ,
Facebook ,
Federal Reserve ,
Google ,
Liquidity ,
Open-Ended Fund Companies (OFCs) ,
Payment Processors ,
PayPal ,
Peer-to-Peer ,
Public Comment ,
Securities and Exchange Commission (SEC) ,
Square
In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed rules to include certain significant market participants as “dealers” or “government securities dealers” to essentially eliminate the trader exclusion...more
4/1/2022
/ Bank Merger Act ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Ratings ,
Cyber Attacks ,
Cyber Threats ,
Cybersecurity ,
Examination Procedures ,
FDIC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Market Participants ,
Mergers ,
New Rules ,
Notification Requirements ,
OCC ,
Proposed Amendments ,
Proposed Rules ,
Regulation M ,
Request For Information ,
Reverse Mergers ,
Securities and Exchange Commission (SEC) ,
Securities Dealers ,
Securities Regulation ,
Securities Transactions ,
Special Purpose Acquisition Companies (SPACs) ,
UDAAP