Earlier this month, Fannie Mae published its latest “Fair Servicing Best Practices” for Mortgage Servicers. In it, it issued what is perhaps the most affirmative guidance we have seen in this space encouraging services to, among other things: create a language access plan, provide materials and websites in languages other than English, monitor calls and complaints from non-English speakers for trends, and even “use technology to identify a consumer’s preferred language.” Fannie’s guidance seems to be a natural evolution of...

The CFPB enforcement team is on a roll and set to get supercharged in 2024. In a blog post last week, the Bureau covered highlights of the 29 enforcement actions brought in 2023, which resulted in more than 3 billion dollars in consumer compensation and almost half a billion in civil penalties. The post also announced that they would be “significantly expanding [their] enforcement capacity in 2024.” That expansion will reportedly increase the enforcement staff by 50% and create an additional litigation team.

Last month, McKinsey published a report entitled The Economic State of Latinos in America: Advancing Financial Growth, which examines the significant size and sharp projected growth of the market for financial services among Latinos in the U.S. The study’s findings come on the heels of a report published in 2023 by the Latino Donor Collaborative finding that...

Last week the White House announced that it had convened the leading 7 AI companies to discuss how best to ensure the safe, secure, and transparent use of AI technology. The companies include Amazon, Anthropic, Google, Inflection, Meta, Microsoft, and OpenAI. The White House also announced that the companies had agreed to eight “voluntary commitments,” included at the end of this post. Perhaps unsurprisingly, the commitments focus on security testing, safeguard and reporting. Two others focus on research on the risks and potential benefits of AI. Of the two remaining, ...

When it comes to banks and chatbots, it may feel like what’s old is new again. Just six years ago, it seemed like the chatbot buzz was everywhere as banks started considering how the then-current natural language processing technology would power a new generation of digital customer interactions. The buzz quickly receded, though, as the limitations of that technology became clear. With ChatGPT as an example of broader large language models (LLMs), the chatbot narrative for banks has been rebooted...

The last couple of months have been crammed full of AI-related announcements. Generative AI capabilities, like those created by OpenAI's ChatGPT, have fueled a tremendous amount of excitement, along with a healthy dose of hype. ‍As a consequence of the hype, many businesses have found themselves asking two seemingly opposing questions...