June 12, 2023 By: Michael Flynn On June 8, the CFPB announced that it has ordered a medical debt collector to pay a $1.7 million fine and provide refunds for alleged violations of debt collection rules ...
A recent Financial Times newspaper article raises the question whether the mandate underlying the UK's competition authority (the CMA) should be reviewed. The argument is based on the CMA's blocking of the Microsoft/Activision merger, compared to the EU's conditional consent decision. The CMA's decision is being appealed by the merger parties ...
As global regulators continue to grapple with the challenges of developing and implementing effective Artificial Intelligence (AI) regulation, and with AI sitting high on the agenda for Rishi Sunak’s meeting this week with President Biden, the UK Government has announced that it will be hosting a global AI Summit later this year ...
The Ministry of Economy published the new proposal to update the Regulation on consumer information on mortgage loans (Decree No. 42 of 2012), which improves consumer understanding of financial information and promotes the comparison of products offered by financial institutions ...
This pilot is a first-of-its-kind use of distributed ledger (Web3) SLC technology and is expected to deliver reduced operational costs and improved risk management for lenders. Based on natural language contract terms developed by SVW and converted to SLCs using Hunit’s AI-powered tools, MMB’s clients will benefit from simplified processes, streamlined monitoring, and improved contract fulfilment ...
When the Supreme Court in 2020 issued its decision in Liu v. SEC, placing limits upon the Securities and Exchange Commission's ability to obtain disgorgement, many observers believed that the decision would significantly diminish the SEC's capability to seek and obtain significant disgorgement recoveries in civil enforcement actions alleging violations of the securities laws ...
What is changing with how prudential regulators view fintech partnerships? How is this affecting financial institutions TPRM programs? Prudential regulators appear to be acknowledging the role that fintech partnerships have in the marketplace, both to expand banking services to previous unbanked/underbanked populations, and to allow smaller, regional banks to develop new markets for their services ...
The 2023 Foreign Bank Tracker, now in its eighth year reveals capital flow trends into Australia via foreign banks, and market analysis of the results ...
Most commentary around AI looks at the big picture or the future of work, but in this article we look at some practical data protection implications for businesses that are considering implementing AI systems. 1. Automated Decision-Making There are specific rules in both the EU and UK GDPR (in this article we will refer to both together) covering individuals’ rights when processing involves solely automated decision-making, including profiling ...
Cybersecurity is a looming threat for most businesses. The impact of a major cyber event can resonate for weeks, months, and even years after the initial attack. To mitigate the risks to consumers, there have been several legislative updates to address these evolving threats, including a significant change for entities in, and adjacent to, the financial services space ...
On June 1, 2023, China's Ministry of Science and Technology ("MOST") officially released the Implementation Rules for the Regulation of Human Genetic Resources Administration ("Implementation Rules"), which will come into effect on July 1, 2023 ...
I. INTRODUCTION The post-Soviet states, including the Russian Federation, are mired in corruption across all levels of government-the judiciary, parliament, executive and executive agencies.' Naturally, a "culture of corruption" within government distorts several necessary components that make up the rule of law. Corrupt parliament members will not be responsive to the citizenry ...
May 31, 2023 By: Stephanie Shea The California Unruh Act (specifically, California Civil Code § 51) prohibits “all business establishments of every kind whatsoever” from discriminating based on citizenship or immigration status, among other things. That protection applies to all persons within the jurisdiction of California. At the federal level, (simply put,) the federal civil rights statute (specifically, 42 U.S.C. § 1981), prohibits alienage discrimination ...
In November 2021, the New York City Council passed a bill requiring that artificial intelligence (“AI”) tools used by employers to make or assist in hiring decisions or internal promotions undergo bias audits to screen for discriminatory effects. Under the City Charter, the bill became law a month later after it was returned unsigned to the Council by then-mayor Bill DeBlasio ...
May 26, 2023 By: Stephanie Shea The Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 amended TILA to require the CFPB to issue rulemaking addressing Property Assessed Clean Energy (PACE) loans. Specifically, the Act required the CFPB to apply TILA’s ability-to-repay (ATR) requirements to PACE loans and to apply TILA’s civil liability provisions to a PACE lender’s violation of those ATR requirements ...
Contents Please click on the links below to jump to the relevant section: Overview Guarantees Collateral Security Financial assistance Syndicated Lending/Agency/Trustee/Transfers Withholding, stamp and other taxes; notarial and other costs Judicial enforcement Bankruptcy proceedings Jurisdiction and waiver of Immunity Licensing LIBOR replacement Other matters Overview What are the main trends/significant developments in the lending markets in your jurisdiction? As in o
The Charities Act 2022 is being introduced in phases. From June 2023 trustees will have greater flexibility over how they procure advice to ensure the terms on which they dispose of a charity’s interests in land are the best that can reasonably be obtained. Voluntary Service Overseas is one of the latest major charities to scale down its office space as it responds to the long-term changes resulting from Covid-19 ...
For a decade or more, Meta has been sending Facebook data from European users – in the form of photos, chat, posts, and more – over to its parent company in the US for storage. Since the Snowden revelations, Europe has been aware that this data has been open to US intelligence services on a large scale, without – it says – the protections and accountability afforded to people in Europe ...
BT announced earlier this week that it plans to cut between 40,000 and 55,000 jobs by 2030. It expects around 10,000 of these roles to be replaced by AI, particularly in customer services. BT’s recent announcement is a reminder that increased use of AI is now a key board agenda item, with businesses exploring whether they can increase efficiency and improve operations by investing in generative AI ...
The latest reforms to Law No. 19,496 Consumer Protection Act, introduced mainly by the "Pro-Consumer" Law and the E-Commerce Regulation, will force companies to be more vigilant in the 2023 version of CyberDay. During the event, which will be held from May 29th to 31st, the National Consumer Service ("SERNAC") will be supervising that companies comply with their e-commerce obligations ...
Open Finance is becoming a pivotal element in the evolution of the European Union’s regulatory framework for payment services, most notably embodied in the anticipated Third Payment Services Directive (“PSD3”) ...
