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Regulators and industry participants across the consumer financial services sector are continuing to grapple with the opportunities and risks associated with the sharp rise of artificial intelligence and machine learning (“AI”). U.S. federal financial regulators have yet to implement comprehensive regulations governing AI, and have provided limited guidance as to how existing requirements apply to these emerging technologies. The presenters discussed the increasing regulatory focus on assessing discrimination and potential fair lending risks associated with AI, including recent efforts by the Consumer Financial Protection Bureau to use adverse action requirements to promote greater transparency in AI models and shine a light on risks associated with non-traditional data elements in models used by financial institutions. The presenters also explored implications of the Biden Administration’s recent Executive Order on AI, new legislation and regulatory actions at the state level on AI consumer protections, and related data privacy and cybersecurity issues in the U.S. and from a global perspective. Industry best practices and steps that financial institutions can take to mitigate risks associated with AI were also discussed.
Regulators and industry participants across the consumer financial services sector are continuing to grapple with the opportunities and risks associated with the sharp rise of artificial intelligence and machine learning (“AI”). U.S. federal financial regulators have yet to implement comprehensive regulations governing AI, and have provided limited guidance as to how existing requirements apply to these emerging technologies. The presenters discussed the increasing regulatory focus on assessing discrimination and potential fair lending risks associated with AI, including recent efforts by the Consumer Financial Protection Bureau to use adverse action requirements to promote greater transparency in AI models and shine a light on risks associated with non-traditional data elements in models used by financial institutions. The presenters also explored implications of the Biden Administration’s recent Executive Order on AI, new legislation and regulatory actions at the state level on AI consumer protections, and related data privacy and cybersecurity issues in the U.S. and from a global perspective. Industry best practices and steps that financial institutions can take to mitigate risks associated with AI were also discussed.
The U.S. Department of Labor published a final rule on January 9, 2024, defining "independent contractor" under the Fair Labor Standards Act (FLSA). The final rule went into effect on March 11, 2024. The final rule rescinds a 2021 rule defining the same term, and in its place, adopts a six-factor test focused on the "economic reality" of the relationship between a potential employer and a worker. The test asks whether, as a matter of economic realities, the worker depends on the potential employer for continued employment or is operating an independent business.
In this legal update, the panel explored and explained the DOL's six-factor test, and discussed:
Implications on businesses who utilize contractors
How it intersects with FDIC Section 19
Predictions on the future of litigation on contractor classifications
The U.S. Department of Labor published a final rule on January 9, 2024, defining "independent contractor" under the Fair Labor Standards Act (FLSA). The final rule went into effect on March 11, 2024. The final rule rescinds a 2021 rule defining the same term, and in its place, adopts a six-factor test focused on the "economic reality" of the relationship between a potential employer and a worker. The test asks whether, as a matter of economic realities, the worker depends on the potential employer for continued employment or is operating an independent business.
In this legal update, the panel explored and explained the DOL's six-factor test, and discussed:
Implications on businesses who utilize contractors
How it intersects with FDIC Section 19
Predictions on the future of litigation on contractor classifications
This is one of the most activist FTCs in decades, with a flurry of rulemaking and big tech litigation, and they haven’t forgotten about financial services.
We heard from Baker Hostetler Partner, Amy Mudge, who has 25 years of experience defending FTC investigations. She’ll brought you up to date on the latest including giving updates on the:
This is one of the most activist FTCs in decades, with a flurry of rulemaking and big tech litigation, and they haven’t forgotten about financial services.
We heard from Baker Hostetler Partner, Amy Mudge, who has 25 years of experience defending FTC investigations. She’ll brought you up to date on the latest including giving updates on the:
This program will cover the current EU-US Data Transfer Pact's key points, how and why it was initiated, current challenges, as well as the related UK framework likely to go into effect soon.
Within the next 12 to 18 months, it is anticipated that all 50 states will enact the Uniform Commercial Code (UCC) 2022 Amendments, including the new UCC Article 12. The UCC 2022 Amendments introduce significant changes and additions to the existing framework. Specifically, they establish: (a) A new asset category called "Controllable Electronic Record" (CER), which includes digital assets with specific characteristics such as cryptocurrencies (e.g., Bitcoin and Ether), NFTs, stablecoins, and others. (b) Rules designed to protect good faith âpurchasers" of CERs, enabling them to acquire these assets free from competing property claims. (c) An exhaustive regime to create and perfect security interest in CERs and asset-specific priority rules. In addition, the UCC 2022 Amendments introduce new rules aimed at simplifying the commercial use of electronic documents of title, electronic chattel paper, and electronic negotiable instruments. These reforms are of great importance as they impact the private law regime for the buying and selling of digital assets, as well as their use as collateral. This program will focus on highlighting some of the key changes that are particularly relevant to in-house counsel.
