December 15, 2019

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House and Senate to Hold Hearings Focused on Fintech, Artificial intelligence

This week, Congress will be holding a hearing focused on fintech and two hearings at which artificial intelligence (AI) will be the focus.

Fintech:

Tomorrow, June 25, the House Financial Services Committee’s Task Force on Financial Technology will hold a hearing titled, “Overseeing the Fintech Revolution: Domestic and International Perspectives on Fintech Regulation.”

AI:

Tomorrow, June 25, the Senate Commerce Committee’s Subcommittee on Communications, Technology, Innovation, and the Internet, will hold a hearing titled, “Optimizing for Engagement: Understanding the Use of Persuasive Technology on Internet Platforms.”  The hearing will examine “how algorithmic decision-making and machine learning on internet platforms might be influencing the public.”

On June 26, the House Financial Services Committee’s Task Force on Artificial Intelligence will hold a hearing titled, “Perspectives on Artificial Intelligence: Where We Are and the Next Frontier in Financial Services.”

Earlier this month, we released a podcast titled, “Using artificial intelligence for consumer finance: a look at the opportunities and challenges.” In the podcast, we discussed the opportunities and challenges created by the use of AI models in consumer financial services, including the benefits of explainable AI and its implications for the consumer financial services industry, especially for applications where understanding the model’s reasons for returning a score or decision are necessary.  Click here to listen to the podcast.

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About this Author

Barbara S. Mishkin, Ballard Spahr, Philadelphia, Deceptive Practices Lawyer, Fair Debt Collection Practices Act, Gramm Leach Bliley
Of Counsel

Barbara Mishkin focuses on consumer compliance and banking law. The federal laws with which Ms. Mishkin has dealt extensively include the Truth in Lending Act, Equal Credit Opportunity Act, Real Estate Settlement Procedures Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, and Gramm-Leach-Bliley Act. She also has significant experience with state usury and lender licensing laws, as well as state laws prohibiting unfair and deceptive acts and practices.

American Bar Association, member, Consumer Financial Services Committee;...

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