The new wave of artificial intelligence – so-called AI – is bringing with it promises as well as threats. By assisting workers, it can raise productivity and boost real wages. By making use of large, underutilised data, it can improve outcomes in services including retailing, health and education.
Good things tend to consolidate as the cream rises to the top. The FinTech sector has seen meteoric growth over the past decade, disrupting traditional financial services and revolutionizing how consumers and businesses transact. Recent trends, however, indicate a shift toward consolidation in the space.
The Pennsylvania Higher Education Assistance Agency (PHEAA), operating under the name American Education Services (AES), is embroiled in a significant legal battle with the Consumer Financial Protection Bureau (CFPB). The CFPB’s lawsuit against AES centers on serious allegations concerning the management of private student loans, particularly those discharged in bankruptcy.
Today, Federal Trade Commission Chair Lina M. Khan announced that an open meeting of the Commission will be held virtually on Thursday, September 19, 2024. The open meeting will commence at 11 a.m. ET and will begin with time for members of the public to address the Commission.
The Office of the Comptroller of the Currency (OCC) today entered into a Formal Agreement with Wells Fargo Bank, N.A. The Formal Agreement identifies deficiencies relating to the bank’s financial crimes risk management practices and anti-money laundering internal controls in several areas including suspicious activity and currency transaction reporting, customer due diligence, and the bank’s customer identification and beneficial ownership programs.
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