Posts tagged 'FTC'

On October 24, the Consumer Financial Protection Bureau (CFPB) released information on workplace tracking technology under the Fair Credit Reporting Act (FCRA). Such technology could include the use of artificial intelligence (AI). Markedly, the CFPB has the primary regulatory and interpretive role regarding the FCRA. The agency also shares the enforcement role with the Federal Trade Commission (FTC). Overall, according to Littler, the circular explains if employers must comply with the FCRA’s employment-related provisions before using such technology. Earlier, the CFPB joined other federal departments and agencies by releasing artificial intelligence (AI) guidance. Specifically, the guidance calls for “fairness, equality, justice[,] and compliance as automated systems [like AI] become more commonly used.”

To make a long story short, the Federal Trade Commission (FTC) has been trying--with delayed implementation--to get the nation's businesses that grant credit to protect their clients' and consumers' identities by requiring them to adhere to a Red Flags Rule. The Red Flags refer to steps in the credit process that might indicate an identity-theft threat. The nation's financial institutions are a...