Chatbots and “AI” can fall short of the law
Working with customers to resolve a problem or answer a question is an essential function for financial institutions. The use of chatbots or other technology, whether simple or advanced, does not excuse a company from their legal obligations, including providing customers timely, straightforward assistance. Our issue spotlight discusses the adoption of chatbot technology and how it affects customers’ ability to interact with their financial institutions.
Compliance
- Consumer Financial Protection Circular on Data Protection or Security
- Advisory Opinion Letter on Digital Mortgage Comparison-Shopping Platforms and Related Payments to Operators
- Consumer Financial Protection Circular on Adverse Action Notification Requirements in Connection with Credit Decisions Based on Complex Algorithms
Remarks
- Director Chopra’s Prepared Remarks on the Interagency Enforcement Policy Statement on “Artificial Intelligence”
- Prepared Remarks of General Counsel and Senior Advisor to the Director Seth Frotman at the Innovative Payments Conference
- Director Chopra’s Prepared Remarks on the Release of the CFPB’s Buy Now, Pay Later Report
- View all remarks on technology