On September 22, 2023, LCS Financial Services filed a notice of data breach with the Attorney General of Montana after discovering that hackers were able to access the company’s computer system.
CUNA, NAFCU, and other organizations met with the Federal Communications Commission (FCC) several times in recent weeks on the Telephone Consumer Protection Act (TCPA) and TRACED Act rulemakings.
NCUA released the September 2023 update of its Simplified CECL Tool, which includes the latest life-of-loan, or Weighted Average Remaining Maturity, factors, and other enhancements.
The CFPB has issued a Circular addressing adverse action notification requirements and the proper use of the CFPB's sample forms provided in Regulation B when using artificial intelligence (AI) and complex credit models, and requirements imposed on financial institutions to ensure their use of data and advanced technologies comply with other legal requirements, such as the prohibition against illegal discrimination.
While speaking at the annual conference of the National Advertising Division on September 19, 2023, the Federal Trade Commission (“FTC”) announced a generative AI (“AI”) policy that is consistent with Chairwoman Khan’s focus on the perceived harms to consumers from large technology companies, fully embracing a plan to regulate AI swiftly, aggressively, and proactively.
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