When it comes to AI in the consumer financial services context, U.S. laws lag somewhat behind the technology. But as Darren Welch explains in this edition of “Fintech Focus,” regulators are indeed targeting AI.
Skadden consumer financial services partner, Darren Welch joins host Joseph Kamyar in this episode of “Fintech Focus” for a discussion on AI in the fintech sector, specifically fair lending and consumer protection. Darren breaks down how regulators enforce transparency in lending decisions and how lenders can mitigate risk. He notes: “We’ve worked with a lot of clients on helping them set up their fair lending testing protocols and responding to regulatory inquiries about fair lending testing.”
💡 Meet Your Host 💡
Name: Joseph Kamyar
Title: European Counsel, Corporate at Skadden
Specialty: “Fintech Focus” host and European counsel Joseph Kamyar advises on a wide variety of corporate transactions, including cross-border private mergers and acquisitions, fundraisings, joint ventures, corporate reorganizations and general corporate matters, with a particular focus on the financial services, technology and media sectors.
💡 Featured Guest 💡
Name: Darren Welch
What he does: A consumer financial services partner in Washington, D.C., Darren Welch advises a broad range of companies and individuals in regulatory investigations, enforcement proceedings and examinations, as well as in civil litigation on all types of consumer financial services issues.
Organization: Skadden
Words of wisdom: “In September of 2023, the bureau issued a circular focused specifically on credit denials by lenders using AI. And that circular reminds creditors that they must provide accurate and specific reasons to consumers indicating why their loan applications were denied, including in circumstances where the creditor uses one of these AI models.”
Connect: LinkedIn
Connect with Skadden
☑️ Follow us on X and LinkedIn.
☑️ Subscribe to Fintech Focus on Apple Podcasts, Spotify, or your favorite podcast app.
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Are You A Charlotte?
In 1997, actress Kristin Davis’ life was forever changed when she took on the role of Charlotte York in Sex and the City. As we watched Carrie, Samantha, Miranda and Charlotte navigate relationships in NYC, the show helped push once unacceptable conversation topics out of the shadows and altered the narrative around women and sex. We all saw ourselves in them as they searched for fulfillment in life, sex and friendships. Now, Kristin Davis wants to connect with you, the fans, and share untold stories and all the behind the scenes. Together, with Kristin and special guests, what will begin with Sex and the City will evolve into talks about themes that are still so relevant today. "Are you a Charlotte?" is much more than just rewatching this beloved show, it brings the past and the present together as we talk with heart, humor and of course some optimism.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.