Today, the Consumer Financial Protection Bureau approved a new rule to address the current and future applications of complex algorithms and artificial intelligence used to estimate the value of a home.
When Walmart made a push into credit cards in 2018, it turned to one of the largest banks in America, Capitol One. The two giants signed an exclusive long-term deal that promised to help Walmart offer its clients the latest in digital credit card products, while Capital One was basically given the keys to Walmart’s kingdom: access to a retail market larger than some nations' GDPs without any of that pesky competition.
A District Court judge in Missouri has granted a defendant’s motion for summary judgment in a Fair Debt Collection Practices Act case, ruling that the plaintiff lacked standing and that the defendant did not violate the FDCPA. The case revolved around disputes and cease communication requests and the plaintiff’s claim that the cost of a postage stamp was enough to confer standing to pursue this lawsuit.
The European Union (EU) is leading the global charge with AI regulations. U.S. companies are not beyond their regulatory reach, however, and should be preparing their AI risk mitigation efforts accordingly.
The big consumer news last Friday was that the University of Michigan’s June Consumer Sentiment Index hit a seven-month low. Many scratched their heads, particularly since the CPI print earlier in the week came in flat and the economy appears to be firing on all cylinders.
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