Approximately one year after the Colorado Privacy Act (CPA) Rules went into effect, the Colorado Attorney General proposed draft amendments to reflect recent changes to the CPA. Recall that the CPA applies to "controllers" that conduct business in Colorado or produce or deliver commercial products or services that are intentionally targeted to Colorado residents.
Consumer financial services partner Darren Welch joined Joseph Kamyar for the latest episode of “Fintech Focus” to discuss AI safety in fair lending and consumer protection. Tune in to the podcast to hear how U.S. regulators are reacting to the increased use of AI in this context, how lenders can mitigate risk and what we’re starting to see at the state level regarding AI protection laws.
Late last year, we discussed the Federal Communications Commission’s (FCC) new rule aimed at closing the “lead generator” loophole by requiring telemarketers to obtain one-to-one consent from consumers for robocalls and robotexts. This rule mandates that consent must be provided for each individual seller or brand, rather than allowing a single consent to apply to multiple telemarketers.
On November 13, 2024, the Financial Crimes Enforcement Network (FinCEN) issued FIN-2024-Alert004 to help financial institutions identify fraud schemes associated with the use of deepfake media created with generative artificial intelligence (GenAI) in response to increased suspicious activity reporting. “Deepfake media” are a type of synthetic content that use artificial intelligence/machine learning to create realistic but inauthentic videos, pictures, audio, and text to circumvent identity verification and authentication methods.
The Consumer Financial Protection Bureau (CFPB) today finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps. The rule will help the CFPB to ensure that these companies – specifically those handling more than 50 million transactions per year – follow federal law just like large banks, credit unions, and other financial institutions already supervised by the CFPB.
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