Federal banking regulators recently began adopting a final rule that requires, among other things, supervised mortgage originators and secondary market issuers to ensure that automated valuation models they use follow quality control standards, including a requirement that they comply with nondiscrimination laws. The final rule will be effective on the first day of the calendar
Consumer Finance Monitor
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Treasury issues request for information on use of AI in financial services
The U.S. Department of the Treasury (“Treasury”) has released a Request for Information on the Uses, Opportunities, and Risks of Artificial Intelligence (“AI”) in the Financial Services Sector (“RFI”). Written comments are due by August 12, 2024.
AI is a broad topic and the term is sometimes used indiscriminately; as the RFI suggests, most AI…
JAMS issues rules governing disputes involving artificial intelligence systems
Judges are beginning to address the increasing use of AI tools in court filings—including reacting to instances of abuses by lawyers using it for generative purposes and requiring disclosures regarding the scope of AI use in the drafting of legal submissions. Now JAMS, the largest private provider of alternative dispute resolution services worldwide, has issued…
CFPB and European Commission Report on Coordinated Efforts Concerning Consumer Financial Protection and Identify Emerging Technologies as an Area of Shared Interest
Following their announcement last July regarding their plans to coordinate on a range of consumer financial protection issues , the CFPB Director and his European counterpart, the Commissioner for Justice and Consumer Protection of the European Commission, have released a joint statement highlighting some areas those coordinated efforts have identified for ongoing monitoring and particular…