Artificial Intelligence: Evolving Regulatory Compliance Issues for the Consumer Financial Services Sector

On April 24, Washington, D.C. cybersecurity and data privacy co-head David Simon and consumer financial services and litigation partner Darren Welch participated in the virtual program “Artificial Intelligence: Evolving Regulatory Compliance Issues for the Consumer Financial Services Sector,” hosted by the Association of Corporate Counsel. Topics included the increased regulatory focus on assessing discrimination and potential fair lending risks associated with AI; the Biden administration’s recent executive order on AI; new legislative and regulatory actions at the state level on AI consumer protections; and best practices and steps financial institutions can take to mitigate associated risks.