PYMNTS Intelligence, in delving into the mindset of more that 200 credit union (CU) executives and more than 100 FinTech executives, found a bit of bifurcation in how these providers think about consumers who were born between the years 1981 to 1996 and who are now in their late 20s to early 40s.
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.
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