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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2023-06-07T19:00:00
The Consumer Financial Protection Bureau (CFPB) flagged risks Tuesday regarding expanded use of chatbots by financial institutions, specifically for customer service purposes.
The agency said it has received numerous complaints from frustrated customers attempting to dispute transactions or resolve account issues, only to get stuck in endless “doom loops” caused by customer service automation.
“To reduce costs, many financial institutions are integrating artificial intelligence technologies to steer people toward chatbots,” said CFPB Director Rohit Chopra in a press release. “A poorly deployed chatbot can lead to customer frustration, reduced trust, and even violations of the law.”
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
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Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2023-09-20T18:57:00Z By Jeff Dale
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.
2023-06-28T16:01:00Z By Jeff Dale
The Consumer Financial Protection Bureau ordered ACI Worldwide to pay a $25 million fine for improper data handling that led to approximately $2.3 billion in erroneous mortgage payment transactions.
2023-05-02T19:30:00Z By Adrianne Appel
The Federal Trade Commission is closely tracking company use of artificial intelligence tools for possible rule violations involving deception, discrimination, excessive manipulation, or unfairness.
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For all the hype surrounding generative artificial intelligence, the technology has been met with a healthy skepticism in the compliance community. Compliance practitioners want to know: Is it safe? Can it be deployed ethically? Are the risks greater than the rewards? And what should an AI acceptable use policy contain?
2024-10-11T19:20:00Z By Neil Hodge
Companies are increasingly putting their faith in AI to realize the kind of business benefits that the technology seems to promise, but they are also opening themselves up to new and potentially crippling sanctions if they are unable to answer questions that surround how AI operates.
2024-08-22T15:32:00Z By Amii Barnard-Bahn
Artificial intelligence is rapidly transforming the business landscape, and this is especially true for anyone working in compliance. But while AI offers immense potential to streamline processes, enhance decision-making, and mitigate risks, it also introduces a new set of challenges that compliance professionals must navigate.
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