The podcast we are releasing today is part 1 of a re-purposed webinar we produced on March 25 titled “The Impact of the Election on the CFPB – Part 4.” As a result of the diminishing impact of the CFPB on enforcing the consumer financial services laws, we expect that void to be filled by
Ballard Spahr LLP Blogs
Latest from Ballard Spahr LLP
Recent Developments Raise Significant Questions about the Future of Regulation and Enforcement of Cryptocurrency
Recent developments in the world of crypto have come at a rapid pace to open 2025 not only signaling but, in some instances, explicitly declaring the Trump Administration’s intent to significantly relax or eliminate regulation and enforcement in the crypto markets. On January 23, 2025, President Trump signed an executive order with the goal of
Court Issues First Decision on AI and Fair Use
Recently, a federal court issued the first ruling on the closely watched issue of fair use in copyright infringement involving AI. The court ruled in favor of the plaintiff on its direct infringement claim, and ruled that the defendant’s use of plaintiff’s material to train its AI model was not a fair use.
The Upshot
FinCEN Alert: Fraud Schemes Using Generative Artificial Intelligence to Circumvent Financial Institution’s Identity Verification, Authentication, and Due Diligence Controls
On November 13, 2024, the Financial Crimes Enforcement Network (FinCEN) issued FIN-2024-Alert004 to help financial institutions identify fraud schemes associated with the use of deepfake media created with generative artificial intelligence (GenAI) in response to increased suspicious activity reporting. “Deepfake media” are a type of synthetic content that use artificial intelligence/machine learning to create realistic
CFPB Finalizes Open Banking Rule
On October 22, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final rule implementing Section 1033 of the Dodd-Frank Act (the “Final Rule” or the “Open Banking Rule”), granting consumers greater access rights to the data their financial institutions hold. Although there are some differences, the Final Rule largely tracks the Proposed Rule announced
Bank Policy Institute critiques Notice of Proposed Rulemaking to modernize AML/CFT programs
The Bank Policy Institute (“BPI”) has issued its comment on the Federal Functional Regulators’ (the OCC, the Board of Governors of the Federal Reserve System, the FDIC, and the National Credit Union Administration) notice of proposed rulemaking (“NPRM”) to modernize financial institutions’ anti-money laundering and countering terrorist financing (“AML/CFT”) programs (“Comment”). The agencies’ NPRM, on
The FTC Announces New Enforcement Actions Against Certain Businesses for Engaging in “Deceptive AI” Practices
As part of a new enforcement initiative called “Operation AI Comply,” the FTC recently announced that it has brought the following five enforcement actions against businesses that use or sell AI tools in a manner that the FTC has alleged is deceptive and unfair:
CFPB Director Rohit Chopra to do fireside chat with Professor Chris Peterson at conference on October 11, 2024.
The Utah Project on Antitrust and Consumer Protection is hosting a free conference open to the public on the future of consumer financial services law on October 11, 2024 from 8 am until 4 pm, MT.
The title of the conference is “From AI to Junk Fees to Public Health: The Future of Consumer Financial
Last Chance to Register for the 2024 HR Legal Summit!
September 19, 2024 | 8:00 AM – 4:30 PM
Are you an HR professional, employment attorney, or organizational leader? Don’t forget to register for one of the most anticipated events of the year—the 12th Annual HR Legal Summit. Co-sponsored by Ballard Spahr and SEPA SHRM, this must-attend summit will help you stay abreast of
Save Your Seat for the 2024 HR Legal Summit
September 19, 2024 | 8:00 AM – 4:30 PM
Are you an HR professional, employment attorney, or organizational leader? Don’t forget to register for one of the most anticipated events of the year—the 12th Annual HR Legal Summit. Co-sponsored by Ballard Spahr and SEPA SHRM, this must-attend summit will help you stay abreast of