In this episode of The Consumer Finance Podcast, Chris Willis and Kim Phan unpack Colorado’s brand-new Automated Decision-Making Technology (ADMT) Act, which repeals and replaces the state’s much-criticized 2024 AI law. They explain the shift from “high-risk AI systems” to the broader ADMT framework, what it means for consequential decisions in lending and financial services, and how the statute’s “material influence” standard can sweep in tools that do far more than make final credit determinations.

https://the-consumer-finance-podcast.simplecast.com/episodes/colorados-new-admt-act-repeal-of-the-2024-ai-law-expanded-coverage-and-what-it-means-for-financial-services

Transcript: Colorado’s New ADMT Act: Repeal of the 2024 AI Law, Expanded Coverage, and What It Means for Financial Services (PDF)

Photo of Chris Willis Chris Willis

Chris is the co-leader of the Consumer Financial Services Regulatory practice at the firm. He advises financial services institutions facing state and federal government investigations and examinations, counseling them on compliance issues including UDAP/UDAAP, credit reporting, debt collection, and fair lending, and defending…

Chris is the co-leader of the Consumer Financial Services Regulatory practice at the firm. He advises financial services institutions facing state and federal government investigations and examinations, counseling them on compliance issues including UDAP/UDAAP, credit reporting, debt collection, and fair lending, and defending them in individual and class action lawsuits brought by consumers and enforcement actions brought by government agencies.

Chris also leverages insights from his litigation and enforcement experience to help clients design new products and processes, including machine learning marketing, fraud prevention and underwriting models, product structure, advertising, online application flows, underwriting, and collection and loss mitigation strategies.

Chris brings a highly practical focus to his legal advice, informed by balancing a deep understanding of the business of consumer finance and the practical priorities of federal and state regulatory agencies.

Chris speaks frequently at conferences across the country on consumer financial services law and has been featured in numerous articles in publications such as the Wall Street Journal, the New York Times, the Washington Post, American Banker, National Law Journal, BNA Bloomberg, and Bank Safety and Soundness Advisor.

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Photo of Kim Phan Kim Phan

Kim is a privacy and data security lawyer who counsels companies in federal and state privacy and data security statutes and regulations. Her work encompasses strategic planning and guidance for companies to incorporate privacy and data security considerations throughout product development, marketing, and

…

Kim is a privacy and data security lawyer who counsels companies in federal and state privacy and data security statutes and regulations. Her work encompasses strategic planning and guidance for companies to incorporate privacy and data security considerations throughout product development, marketing, and implementation.

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