CFPB Warns of Risks Related to AI Chatbots in Banking

On June 6, the CFPB released a new report related to the adoption of chatbots by financial institutions, including those with advanced technology such as generative chatbots and others marketed as “artificial intelligence.” “In 2022, over 98 million users (approximately 37% of the U.S. population) engaged with a bank’s chatbot……
By: Sheppard Mullin Richter & Hampton LLP