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Automation Systems Financial Services Industry Artificial Intelligence

DLA Piper

Digital Transformation: eSignature and ePayment News and Trends - July/August 2024

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Today’s ever-shifting business environment means that consumers, businesses, employers, and employees all expect to transact digitally. To remain efficient and competitive, companies must digitally transform their businesses....more

Kohn, Kohn & Colapinto LLP

The Double-Edged Impact of AI Compliance Algorithms on Whistleblowing

As the implementation of Artificial Intelligence (AI) compliance and fraud detection algorithms within corporations and financial institutions continues to grow, it is crucial to consider how this technology has a twofold...more

Spilman Thomas & Battle, PLLC

Decoded - Technology Law Insights, V 5, Issue 2, March 2024

HHS Cybersecurity Performance Goals and the Healthcare Industry - The healthcare industry is a major target for cyberattacks because of all of the personal information collected from patients. Recognizing that the healthcare...more

Davis Wright Tremaine LLP

CFTC Requests Comments on the Use of Artificial Intelligence

On January 24, 2024, the CFTC's newly formed AI Task Force announced the issuance of a request for comment (RFC) on the current and potential uses and risks of artificial intelligence (AI) in the derivatives markets the CFTC...more

Robinson+Cole Data Privacy + Security Insider

State Legislatures Eye AI Regulation

A growing number of states have enacted laws this year to study artificial intelligence (AI), ahead of possible legislative action to address expected threats to jobs, civil liberties, and property rights with the emerging...more

Ballard Spahr LLP

AI Users Beware: Baked-In Bias Abounds, and You Could Be Liable for It

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Summary - Senate Bill 5351, introduced in December 2022, would create liability for covered entities that incorporate artificial intelligence systems into processes....more

Cadwalader, Wickersham & Taft LLP

Ask Permission, Not Forgiveness for Responsible Innovation: Acting Comptroller Hsu Discusses Tokenization and AI

In a speech given at the American Bankers Association’s Risk and Compliance Conference on June 16th, Acting Comptroller Michael J. Hsu discussed the importance of responsible innovation in financial services, with a special...more

Troutman Pepper

CFPB Warns About Risks of Chatbot Use in Consumer Finance

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Yesterday, the Consumer Financial Protection Bureau (CFPB) issued a report analyzing the use of chatbots in consumer finance and the impact on customer service. The report notes that financial institutions are increasingly...more

Ballard Spahr LLP

Federal Agencies Issue Joint Statement on Artificial Intelligence in the Workplace

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The United States Equal Employment Opportunity Commission (EEOC) and three other federal agencies issued a joint statement vowing to use existing laws to protect employees and the general public from discrimination and bias...more

Seyfarth Shaw LLP

Regulation of AI – the Path Ahead

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Last week, a joint statement was issued by four federal agencies expressing their apprehension regarding the use of AI for discriminatory or anticompetitive purposes and outlining their plans for regulation. This comes on the...more

McGuireWoods LLP

Government Agencies Join Forces Against Bias and Discrimination in AI

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On April 25, 2023, four federal government agencies released a joint statement announcing their resolve against bias and discrimination in automated systems and artificial intelligence (AI). Together, the Consumer Financial...more

Manatt, Phelps & Phillips, LLP

AI Has Captured the Attention of the U.S. Public—and Federal Enforcers

Four federal agencies issued a unique Joint Statement this week on enforcement priorities related to “automated systems,” including artificial intelligence (AI). The short, three-page statement reiterated several actions or...more

Venable LLP

Feds Target AI Misuse in Financial Services

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The Consumer Financial Protection Bureau (CFPB) issued a statement in collaboration with federal partners, including the Federal Trade Commission (FTC) and the Department of Justice (DOJ), emphasizing that advanced technology...more

DCI Consulting

Federal Agencies Make Statement on Discrimination & Bias in Automated Systems

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Federal leaders, including Equal Employment Opportunity Commission Chair Burrows, U.S. Department of Justice’s Civil Rights Division Assistant Attorney General Kristen Clarke, Consumer Financial Protection Bureau Director...more

Cooley LLP

CFPB, Federal Agencies Warn of Obligations to Avoid Algorithmic Discrimination

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On April 24, 2023, the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), Department of Justice (DOJ) and Equal Employment Opportunity Commission (EEOC) released a joint statement affirming that...more

Troutman Pepper

Federal Agencies Issue Joint Statement on Potential for Unlawful Bias and Discrimination in Automated Systems

Troutman Pepper on

On April 25, officials from 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...more

Ballard Spahr LLP

CFPB/FTC/DOJ/EEOC issue joint statement on enforcement efforts directed at discrimination and bias in automated systems; CFPB...

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The CFPB, FTC, Justice Department, and Equal Employment Opportunity Commission have issued a joint statement about enforcement efforts “to protect the public from bias in automated systems and artificial intelligence.” The...more

King & Spalding

Global Trends in IT Outsourcing

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The IT sector has been demonstrating its value in the wake of the COVID-19 pandemic. As more businesses adopt hybrid or even permanent remote work, worldwide IT spending is forecast to reach $4.5 trillion in 2022 and expand...more

Mitratech Holdings, Inc

[Event] Interact 2022 - August 14th - 17th, Nashville, TN

Exclusive roadmap reveals, immersive Q&A with top product & industry experts, live product demos, electrifying presentations, co-innovation opportunities, and so much more— all coming to you live from the heart of Nashville,...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - May #3

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Capital One Required to Produce Forensic Report in Class Action - As a litigator, when responding to any security incident, thoughtful consideration is given to the possibility that the security incident may wind up in...more

NAVEX

Don’t Outsmart Yourself: AI and Compliance

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I’m a big fan of artificial intelligence. The older I get, the more I appreciate that real intelligence needs all the help it can get. Corporate ethics and compliance officers, however, need to pause before betting big on AI...more

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