Could tech giants like Google and Amazon fall under the purview of British financial regulators? A trio of those regulators — The Bank of England, Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) — announced Thursday (Dec. 7) they are reviewing rules that would cover services provided by “critical...
One of America’s top financial watchdogs is warning companies not to make false artificial intelligence claims. Securities and Exchange Commission (SEC) Chair Gary Gensler referred to this practice as “AI washing” at a conference Tuesday (Dec. 5), comparing it to “greenwashing,” the term for when...
House Financial Services Committee (HFSC) Chairman Patrick McHenry of North Carolina said Wednesday (Nov. 29) the Consumer Financial Protection Bureau (CFPB) is serving as a political actor rather than an independent financial regulator. The agency has become “a hyper-partisan agency doing the bidding of the...
HomeAdvisor, a company affiliated with Angi (formerly known as Angie’s List), came under scrutiny by the Federal Trade Commission (FTC) for alleged deceptive marketing tactics. The FTC accused HomeAdvisor of misleading businesses, including those operating in the gig economy, when selling home improvement project leads,...
The Federal Trade Commission (FTC) has taken a proactive stance in protecting consumers from the potential dangers of artificial intelligence-enabled voice cloning technology. The FTC unveiled the Voice Cloning Challenge, inviting submissions of ideas that can help prevent the misuse of this technology for fraudulent...
The Federal Reserve Board and the Consumer Financial Protection Bureau (CFPB) have raised the dollar thresholds for applicability of Truth in Lending and Consumer Leasing rules. In 2024, Truth in Lending (Regulation Z) and Consumer Leasing (Regulation M) rules will generally apply to consumer credit transactions and consumer leases...
Will new rules governing digital wallets and apps blunt Big Tech innovations — or put desperately needed guardrails in place? The Consumer Financial Protection Bureau’s proposed rulemaking, announced Tuesday (Nov. 7), would extend the same supervision to those digitally-native firms that already is in place...
A leading financial regulator in the United States is issuing a warning about stablecoins. Michael Barr, vice chair for supervision at the Federal Reserve, told an audience at a Washington, D.C. FinTech Week event Tuesday (Nov. 7) that stablecoins could function as a form of...
In a move to ensure consumer protection and regulatory oversight, the Consumer Financial Protection Bureau (CFPB) is proposing to supervise larger nonbank companies that offer services like digital wallets and payment apps. This proposal announced Tuesday (Nov. 7) comes as digital payment apps and wallets,...
