Colorado is the latest state to introduce a bill focused on consumer protection issues when company’s develop AI tools. The bill imposes obligations on developers and deployers of AI systems.
In February 2024, the Federal Deposit Insurance Corporation (FDIC) entered into consent orders (here and here) with two banks who partner with fintechs to offer “banking as a service” (BaaS) related to safety and soundness concerns relating to compliance with the Bank Secrecy Act (BSA), compliance with applicable laws, and third-party oversight.
Under the amended version of this bill now approved by both chambers of the Legislature, debt collectors are prohibited from charging any interest or fees in connection with medical debt.
Compliance documentation is due for covered entities April 15. The cybersecurity policy and risk assessment review, among other requirements, are due April 29.
From A Non-AI Guru’s Perspective - I am not an artificial intelligence (AI) guru. In fact, I am that annoying person who must use my watch to find my phone, only to discover it’s been in my pocket all along. What I do understand, however, is the intricate world of auditing Collection Agencies. My expertise lies in ensuring that these agencies have dedicated resources and oversight for all their processes.
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