AI & Financial Services – Part Two

AI & Financial Services – Part Two

Webinar CLE
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WilmerHale presents "The Revolution Will Be Synthesized: A Webinar Series on Legal Developments in the Age of AI." This is the seventh webinar in this series, and the second of two webinars that will focus on the relationship between AI and financial services. The first of these focused on key legal and regulatory considerations under the federal securities and commodities laws. This second webinar will focus on key legal and regulatory considerations for banks, non-bank lenders, payment providers and other consumer facing entities. 

Financial services firms are increasingly looking to artificial intelligence (AI) and machine learning to add value to client interactions and gain other efficiencies. In the second of two webinars focused on the use of AI by financial services firms and its regulation, our lawyers will discuss the evolving approach of the federal banking agencies to this area, as well as the increasingly aggressive approach consumer protection regulators including the FTC, CFPB and state Attorneys General are taking towards AI and how firms can best prepare themselves. 

Topics will include:

  • the federal banking agencies' approach to AI from a supervision and regulation standpoint, with a focus on examination priorities and application of existing guidance on model risk management to AI;
  • the Biden administration's all of government approach to combatting algorithmic bias, including through threatened enforcement of ECOA, UDAP, and UDAAP;
  • the Chamber of Commerce's lawsuit challenging the CFPB's examination manual deeming discrimination an unfair practice;
  • agency guidance regarding AI principles, and potential application to financial services firms in areas such as marketing and fraud detection and prevention; and
  • proposed state legislation to regulate "consequential decisions" using AI.

During the webinar, participants will have the opportunity to contribute questions online. CLE credit will be provided.

If you missed the latest installment in this series, "AI & Financial Services - Part One," click here to request a recording of the webinar.

*CLE credit is not available for those who watch a recording of the webinar.

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