ViClarity Compliance Update

OpenAI seeks AI regulation relief; AI litigation challenges credit unions; fraud can be opportunistic; and the Senate repeals a CFPB payment app rule.

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Make It Stop! OpenAI Asks for Relief from State Regulations, Proposes Federal Framework for AI Regulations
OpenAI, the maker of the prolific ChatGPT Artificial Intelligence (AI) service has asked the federal government for relief from various state regulations that have been recently proposed. Over the past year, at least 45 states have introduced AI bills and at least 31 have adopted resolutions or enacted legislation. You can read more here.

Bring It On! How Impending Litigation Affects AI Implementation in the Credit Union Industry
There are times when the phrase "mo’ technology, mo’ problems" has a truthful ring to it. Ok, so that phrase might not exactly go that way, but the point remains the same. When emerging technological trends break through the market, they tend to bring some interesting dilemmas with them. See what those trends and dilemmas are here.

Crime of Opportunity: The Case Against Citizen Fraudsters
One of the most difficult things about avoiding fraud in the financial industry is that the instances are likely committed by faceless individuals intent on being bad actors. But is that true? Are instances of fraud always committed by bad actors or could they be acts committed by opportunists? Find out here.

Taking It Back: U.S. Senate Repeals CFPB Final Rule on Digital Payment App Supervision
The United States Senate has voted to repeal a final Consumer Financial Protection Bureau (CFPB) rule which would have given the Bureau direct supervisory authority over nonbank payment entities such as Cash App, Google Pay and Venmo. Nebraska Republican Senators Pete Ricketts and Mike Flood introduced the Congressional Review Act (CRA) resolution. Read more here.