The Consumer Financial Protection Bureau warned lenders using artificial intelligence in credit denials that consumers must receive accurate and specific reasoning—and not checklists—for why a credit request was denied.
Technology
Posted inAnti-Bribery
Survey: Tech gaps, third parties pose biggest ABAC threats
A recent survey conducted by Compliance Week and Morgan Lewis determined areas of insufficient resource support to combat bribery and corruption, along with trends in third-party due diligence.
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Tech gaps, third parties pose biggest ABAC threats
Compliance professionals asked to assess their anti-bribery and corruption efforts indicated resource support deficiencies in areas including staffing and technology, according to a survey conducted by Compliance Week and Morgan Lewis.
Posted inData Privacy
CPPA eyeing broad scope in early discussions around data risk assessments
Draft risk assessment regulations under the California Consumer Privacy Act are designed to prohibit businesses from handling consumer data if uncontrolled risks—to the security and privacy of the consumer, the public, or the business—outweigh the benefits.
Posted inRisk Management
Big Tech wants AI ‘referee,’ but lawmakers differ on approach to regs
Federal lawmakers shined a spotlight on artificial intelligence this week, raising the possibility that Congress will—eventually—legislate some controls on the burgeoning technology should middle ground be found.
Posted inData Privacy
HHS orders L.A. Care to pay $1.3M over apparent HIPAA violations
L.A. Care Health Plan agreed to pay $1.3 million to settle allegations by the U.S. Department of Health and Human Services it potentially violated the Health Information Portability and Accountability Act.
Posted inEthics & Culture
Q&A: Zeta CCO on leading innovation with compliance
Karla Booe, chief compliance officer for Zeta Services, discusses with Compliance Week how the card processor bakes compliance into its decision-making process for new technologies and product offerings.
Posted inRegulatory Enforcement
CFTC fines Goldman Sachs $5.5M over new recordkeeping failures
Goldman Sachs was fined $5.5 million by the Commodity Futures Trading Commission as part of a settlement addressing alleged audio recordkeeping violations that followed a previous consent order the bank reached with the agency.
Posted inRisk Management
Preparing for SEC cybersecurity rules an opportunity for collaboration
Businesses can prepare for the Securities and Exchange Commission’s upcoming cybersecurity disclosure rule by going through it and identifying key gaps in compliance.
Posted inData Privacy
Cyber expert: Reach for data security to achieve compliance
Data security and compliance are not one and the same but have enough overlap that organizations can take steps when building a data security program to move closer to achieving compliance.
