The CFPB warned that the increased use of chatbots in the banking sector raises risks such as (i) noncompliance with federal consumer financial protection laws, (ii) diminished customer service and trust, and (iii) potential harm to consumers.
News & Insights
The CFPB, DOJ, FTC and Equal Employment Opportunity Commission reaffirmed their commitment to monitoring the development and use of artificial intelligence to ensure “responsible innovation” and protect individuals’ rights.
Federal Reserve Board Governor Christopher J. Waller considered the risks and benefits of tokenization and artificial intelligence as they gain prominence within the banking industry.
Acting Comptroller of the Currency Michael J. Hsu evaluated the potential impact of open banking on the financial industry and consumers.
The Federal Reserve Board and the Treasury Office of Foreign Assets Control fined a banking entity for apparent sanctions violations. The regulators charged that the bank provided software to a European bank engaged in transactions with sanctioned jurisdictions.