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Automated Systems Consumer Financial Protection Bureau (CFPB)

Amundsen Davis LLC

The Consumer Financial Protection Bureau Proposes New Rule for Automated Valuation Models

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The Consumer Financial Protection Bureau (CFPB) has proposed a new rule that could impact lenders using forms of artificial intelligence in their lending practice. The rule affects mortgage originators and secondary market...more

Cadwalader, Wickersham & Taft LLP

Federal Regulators Publish Final Rule on Automated Valuation Models and AI That Imposes Obligations on Secondary Market Issuers,...

On June 6, 2024 federal regulators published a final rule addressing Quality Control Standards for Automated Valuation Models. This was a collaborative rulemaking effort that included regulators from the Office of the...more

Nutter McClennen & Fish LLP

Nutter Bank Report: June 2024

The CFPB, as part of its initiative to accelerate the shift to open banking in the United States, issued a final rule on June 5 that outlines the qualifications to become a recognized industry standard setting body, which can...more

Wiley Rein LLP

Wiley Consumer Protection Download (October 17, 2023)

Wiley Rein LLP on

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

Woods Rogers

FTC Opens Consumer Protection Investigation of OpenAI, Creator of ChatGPT

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The Investigation - The Federal Trade Commission (FTC) recently opened an investigation into OpenAI, creator of ChatGPT, to determine whether the artificial intelligence company violated consumer protections laws. According...more

Sheppard Mullin Richter & Hampton LLP

CFPB Warns of Privacy Risks Arising from Automated Workplace Surveillance Technology

On June 20, the CFPB published a blog discussing its response to public concerns about workers’ privacy and the risks associated with automated workplace surveillance technology. Automated workplace surveillance technology...more

Trusaic

EEOC Title VII: What It Means for AI & Pay Equity Compliance

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Employers that use AI and automated systems such as pay equity software to streamline workplace processes have received a stark reminder about potential employment discrimination violations. On May 18th, the EEOC released...more

Manatt, Phelps & Phillips, LLP

[Webinar] Keeping it Real: Fake Drake and the Legal Implications of AI-Created Music - May 9th, 11:00 am - 12:00 pm PT

With the recent viral AI-created song that replicated Drake and The Weeknd’s vocals, questions continue to mount around the use of generative AI in the production of copyrighted works like music. The latest generative AI can...more

Sheppard Mullin Richter & Hampton LLP

Federal Regulators Remain Focused on AI-based Discrimination

On April 25, the CFPB, FTC, EEOC, and Civil Rights Division of the DOJ issued a joint statement outlining the agencies’ collective commitment to monitor the development and use of automated systems and artificial intelligence...more

Sheppard Mullin Richter & Hampton LLP

ChatUSG: What Companies Doing Business with the Government Need to Know About Artificial Intelligence

While you were asking ChatGPT to create a 3-course menu for the upcoming book club you’re hosting or to explain the Rule Against Perpetuities, several federal government agencies announced initiatives related to the use of...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

CFPB’s SBREFA Outline on Automated Valuation Models Rekindles Debate over Disparate Impact Liability under the ECOA

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Section 1473(q) of the Dodd-Frank Act (now codified at 12 U.S.C. § 3354(q)) amended the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”) to instruct the CFPB, Fed, OCC, FDIC, NCUA, and FHFA...more

Epiq

New CFPB Guidance has Loan Servicers Rethinking Communication Strategies

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On April 1, 2021, the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin titled “Supervision and Enforcement Priorities Regarding Housing Insecurity”. The bulletin provided guidance on efforts that...more

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