This week we have a robust issue discussing recent guidance on using artificial intelligence, navigating regulations and more.

Mercedes Tunstall dives into the recent guidance from the Consumer Financial Protection Bureau that lays out what lenders using AI need to disclose when denying credit (spoiler alert: it is probably more, not less).

I discuss FDIC Chair Martin Gruenberg’s speech this week on the financial stability risks posed by nonbank financial institutions compared to their insured bank counterparts.

We also highlight updates in the UK, including Policy Statement PS23/13 released by the UK's Financial Conduct Authority, the lowdown on the International Organisation of Securities Commissions consultation report and the European Commission's sustainability reporting standards.

What's on your mind? I'd love to hear. You can reach out to me here.

Daniel Meade 
Partner and Editor, Cabinet News and Views

By Mercedes Kelley Tunstall

Partner | Financial Regulation

This week, the Consumer Financial Protection Bureau published guidance – Consumer Financial Protection Circular, 2023-03 – regarding the list of reasons that must be provided when an applicant is denied credit, per the Equal Credit Opportunity Act, and its implementing Regulation, Regulation B.

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By Daniel Meade

Partner | Financial Regulation

This week, Federal Deposit Insurance Corporation Chair Martin Gruenberg gave remarks to the Exchequer Club of Washington on the financial stability risks of nonbank financial institutions.

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By Jack Andrew Kelly

Special Counsel | Financial Regulation

On September 12, 2023, the UK’s Financial Conduct Authority published Policy Statement PS23/13 setting out its final position on the introduction of a new gateway for firms that approve financial promotions. This Policy Statement and final position follows from the FCA’s Consultation Paper CP22/27 published in December 2022.

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By Alix Prentice

Partner | Financial Regulation

The International Organisation of Securities Commissions has published a Consultation Report on good practices for consideration in relation to leveraged loans and CLOs.

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By Sukhvir Basran

Partner | Financial Services

By Simon Walsh

Special Counsel | Global Litigation

On July 31, 2023, the European Commission adopted the long-anticipated European Sustainability Reporting Standards for use by all companies subject to the Corporate Sustainability Reporting Directive. The version of the ESRS published by the Commission in June 2023 made a number of significant changes to the first draft prepared by EFRAG in November 2022.

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