The FTC’s Tech Summit on AI1 convened three panels that highlighted different layers of the AI tech stack: hardware and infrastructure, data and models, and consumer-facing applications. This third Quote Book is focused on consumer-facing applications. This post outlines the purpose of the quote book, a summary of the panel, and relevant topics and actions raised by the FTC.
The Federal Trade Commission is taking action against bill payment company Doxo and two of its co-founders, charging that the company uses misleading search ads to impersonate consumers’ billers and deceptive design practices to mislead consumers about millions of dollars in junk fees they tacked on to consumers’ bills.
Virginia’s legislative session resumed this week, representing an important moment for collection agencies as they navigate amendments proposed by Governor Glenn Youngkin. One of the significant changes under scrutiny is the reevaluation of HB 34 concerning the statute of limitations for medical debt.
On February 20, 2024, California Attorney General Rob Bonta issued a letter warning California-chartered banks and credit unions with assets under $10 billion that charging surprise overdraft fees and returned deposited item fees is likely an unfair business practice that violates California’s Unfair Competition Law (UCL), Bus. & Prof. Code, § 17200 et seq., and the federal Consumer Financial Protection Act (CFPA), 15 U.S.C., § 5536.
Thank you, Mr. Chairman, for holding this meeting today. It is particularly timely. This is our first board meeting since Sam Bankman-Fried was sentenced to twenty-five years in prison. Bankman-Fried was convicted on seven counts of fraud and conspiracy in a multibillion-dollar scheme involving FTX and an investment fund known as Alameda Research. During the sentencing process, the court heard compelling stories from victims who suffered enormous losses. It’s critical we make sure we truly understand the implications for the FDIC from this massive fraud and take appropriate action.
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