What started out as just another (albeit important) speech on the Fair Lending Act soon became another flashpoint on AI.

As my colleague Mercedes Tunstall and I note in this week's issue, AI-related comments from Federal Reserve Board Vice Chair Michael Barr this past Tuesday drew some headlines and furthered the discussion on AI – this time, with a focus on AI's impact on fair lending laws.

I guess we ought to stop being surprised. We can all expect to see AI come up in lots of financial regulatory conversations over the coming weeks, months and years. 

Any thoughts on AI? You can reach me here.

Daniel Meade 
Partner and Editor, Cabinet News and Views

By Daniel Meade

Partner | Financial Regulation

By Mercedes Kelley Tunstall

Partner | Financial Regulation

Michael Barr, the Federal Reserve Board’s Vice Chair for Supervision, delivered remarks, titled “Furthering the Vision of the Fair Housing Act,“ to the National Fair Housing Alliance 2023 National Conference earlier this week. 

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By Joel Mitnick

Partner | Antitrust

Proposing a radically different conception of government enforcement merger guidelines, the Federal Trade Commission and the Department of Justice jointly issued draft merger guidelines yesterday that would replace current Merger Guidelines, which were revised last in 2010. Stating that the “goal of this update is to better reflect how the agencies determine a merger’s effect on competition in the modern economy,” the structure of the draft merger guidelines replaces the step-by-step economically analytical approach to merger analysis with a manifesto of 13 doctrinaire statements that will instead guide the Agencies’ analysis.  

You can read our analysis here.

By Alix Prentice

Partner | Financial Regulation

By Assia Damianova

Special Counsel | Capital Markets

The UK and Europe have released a number of updated requirements for securitisations that, while not effecting material changes, are notable in their scope and number.

You can read our brief guide to these changes and their implementation schedules here.

By Alix Prentice

Partner | Financial Regulation

Alongside work being done internationally on liquidity management by the Financial Stability Board and IOSCO, the UK’s Financial Conduct Authority has written to the Chief Executives of authorised asset management firms with the key findings of a multi-firm review of liquidity management by Authorised Fund Managers.

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By Duncan Grieve

Special Counsel | White Collar Defense and Investigations

In progress reports to the European Commission published on June 1, 2023, the European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities and Markets Authority have articulated a common, high-level definition of greenwashing and outlined greenwashing risks, impacts, proposed mitigation efforts and challenges for their respective industries.

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By Jason M. Halper

Partner | Global Litigation

By Sara Bussiere

Special Counsel | Global Litigation

In a report published in June 2023, the Columbia Center on Sustainable Investment claims that many financial institutions’ climate strategies are not currently aligned with global climate goals under the Paris Agreement. The report, titled “Finance For Zero: Redefining Financial-Sector Action to Achieve Global Climate Goals,” also states that the financial sector’s climate commitments are sometimes overstated or misrepresented due to a reliance on misaligned targets or metrics.

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