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Consumer Financial Protection Bureau (CFPB) Financial Services Industry Bots

Goodwin

Double Clicking on Innovation in Consumer Finance: Responsible Use of AI

Goodwin on

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

Venable LLP

CFPB to Tackle Customer Service, Chatbots

Venable LLP on

The CFPB is expected to initiate a rulemaking process that would require companies under its jurisdiction to let customers talk to a human by pressing a single button. The CFPB also has plans to issue rules or guidance...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Fintech

Hudson Cook, LLP on

In this article, we share a timeline of our monthly "bites" for 2023 applicable to fintech. The Consumer Financial Protection Bureau (CFPB) and its director, Rohit Chopra, continued the agency's focus on the everyday consumer...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights - Issue 2, July 2023

CFPB Issue Spotlight Analyzes “Artificial Intelligence” Chatbots in Banking - "Poorly deployed chatbots can impede customers from resolving problems." Why this is important: The Consumer Financial Protection Bureau...more

Katten Muchin Rosenman LLP

Is Your AI Intelligent Enough? The CFPB Says it Will Actively Police the Use of Chatbots and Warns of Risks

In June, the Consumer Financial Protection Bureau (CFPB) issued a report (Report) summarizing its research into the use of artificial intelligence (AI) in consumer finance. The Report focused on the shift away from "human...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, V 4, Issue 1, June 2023

CFPB - Regulators Take Aim at AI to Protect Consumers and Workers - “In the past year, the Consumer Finance Protection Bureau said it has fined banks over mismanaged automated systems that resulted in wrongful home...more

Ballard Spahr LLP

New CFPB report highlights concerns with growing use of chatbots by financial institutions

Ballard Spahr LLP on

In a new “Issues spotlight” titled “Chatbots in consumer finance,” the CFPB discusses how chatbot technologies are being used by financial institutions and the limitations and risks of such technologies. The report, which is...more

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