Following publication of the government’s guidance in November 2025 and ahead of the new offence coming into force on 1 September 2025, UK Finance has published guidance for the financial services sector on failure to prevent fraud (FtPF) which it says “should be taken into account by a supervisory or enforcement agency when considering and/or
AI Search Company Hit with Securities Suit
The global economy is still adapting to the advent of the Artificial Intelligence (AI) era. It remains unclear what AI ultimately will mean for economies and businesses, and many businesses are struggling to adjust in real time. The firms experiencing these struggles also include companies in the business of providing AI products and services. In
FDIC Acting Chairman Charts a Fresh Path Forward for the Agency
The FDIC seeks to stick to its statutory mandate while reducing impediments to fintech, innovation, mergers, bank formation, and efficient supervision.
By Arthur S. Long, Pia Naib, and Deric Behar
Just one day after being named acting chairman of the Federal Deposit Insurance Corporation (FDIC), Travis Hill revealed an agenda of priorities for
Treasury Committee launches call for evidence on AI in financial services
On 3 February 2025, the House of Commons Treasury Committee published a call for evidence on artificial intelligence (AI) in financial services.
Background
The Treasury Committee highlights the widespread deployment of AI across various sectors within financial services, including retail banking, investment banking, insurance and pensions. It explains that, in light of this, it is
Tech Company Hit with Securities Suit Alleging AI-Related Omissions
In my recent year-end wrap up, I noted that one of last year’s top stories was the rise of artificial intelligence (AI) as a source of corporate and securities litigation risk. Among the evidence reflecting the rise of AI as a source of risk was the onset of securities class action litigation containing AI-related
OpenAI’s Just Launched Deep Research Helps Legal Bloggers Synthesize Information Faster and Enhances Blog Accessibility
Sunday evening, OpenAI launched ‘deep research’ in ChatGPT, that conducts multi-step research on the internet for complex tasks. It accomplishes in minutes what would take a human many hours.
Davos WEF Recap – Sights From the Alps
Davos: a veritable petri dish of intellectual fermentation, where last week the crème de la crème of global thought leaders, and lowly me, converged to engage in a cerebral tango. It was a snow-globe of ideas, vigorously shaken and set loose upon the unsuspecting Alpine slopes. Here, I saw billionaires rub elbows with philosophers, while
CFPB Examinations Highlight Fair Lending Risks in Credit Scoring Models
Amid recent technological advances in artificial intelligence and machine learning, on January 17, 2025, the CFPB issued its Winter 2025 Supervisory Highlights: Advanced Technologies Special Edition. This edition of Supervisory Highlights delivers critical industry reminders regarding the balance between regulatory requirements and technological innovation. As an appropriate summation of the CFPB’s overarching worldview, the
President Trump Issues Executive Order on Digital Assets
With its pro-crypto stance and urgent posture, the executive order promises to make the US the “crypto capital of the planet.”
By Jenny Cieplak, Zachary Fallon, Arthur Long, Yvette D. Valdez, Stephen P. Wink, Douglas K. Yatter, and Deric Behar
On January 23, 2025, President Trump issued a highly
NERA Reports Securities Suit Filings Level, Dismissals Increased in 2024
According to the latest annual report from NERA, and based on NERA’s inclusive counting methodology, the number of federal securities class action lawsuits was flat in 2024 relative to 2023, but the number of “traditional” securities class action suits increased in 2024 for the second year in a row. In addition, the number of case