Real-time payments, known for their speed and immediacy, have faced adoption hurdles primarily due to perceptions about security. As financial institutions (FIs) and payments providers grapple with balancing rapid transaction processing with stringent security measures, artificial intelligence (AI) emerges as a crucial tool in overcoming these obstacles.
As Commissioner Carr put it, AI remains a “frothy hot topic,” a sentiment echoed during the FCC’s August 7, 2024, hearing, where the Commission officially implemented new rules to regulate AI-generated “robocalls” and “robotexts.”
The National Credit Union Administration Board unanimously approved, by notation vote, an interagency notice of proposed rulemaking(Opens new window) that would establish data standards for certain information collections submitted to the NCUA and other financial regulatory agencies.
CFPB Director Rohit Chopra on Thursday defended his agency’s proposed rule to prohibit the listing of medical debt on credit reports, contending that such debts are not a fair indication of a person’s financial health.
Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order to resolve its lawsuit against Credit Repair Cloud and CEO Daniel A. Rosen for providing substantial assistance or support to credit repair businesses that charge illegal advance fees to consumers. The proposed order, if entered by the court, would impose a $2 million civil penalty against Rosen and a $1 million civil penalty against Credit Repair Cloud.
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