The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Reserve Bank of Minneapolis, and the Small Business Administration are hosting an in-person event on June 25, 2024, in Minneapolis, Minn.
Technology is increasingly intertwined with the core functions of every industry, including the financial industry. Many companies are marketing “artificial intelligence” as a sweeping solution for any problem, often without being able to explain how it works or what data was used to train it.
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against Western Benefits Group for charging illegal advance fees for student loan debt relief services and misrepresenting to consumers that advance fees would go toward paying down their loans.
The story came to light when a New York Times reporter, who herself was affected, dug deeper into General Motors’s data handling practices. Despite taking all necessary precautions to prevent data tracking in their 2023 Chevy Bolt, the reporter, and her husband were shocked to discover detailed reports of their driving habits being sold.
The New York Fed‘s latest findings depict a troubling scenario of American household debt, with total balances reaching $17.69 trillion, and mortgage balances rising to $12.44 trillion.
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