OAKLAND — California Attorney General Rob Bonta today led a multistate coalition of 15 attorneys general urging congressional leaders to remove preemption language in the current draft of the American Privacy Rights Act (APRA), a proposed federal data privacy bill. The preemption clause currently in the APRA would result in California’s landmark privacy law being replaced with weaker protections and would hamper the ability of California to adequately protect the privacy of its citizens in the future.
In the post, Julie Margetta Morgan, the CFPB’s associate director of research, monitoring and regulations, reminds readers that the top 10 credit card companies alone manage 83% of outstanding credit card debt and that many of the biggest card issuers offer cards that come with the worst terms, the highest interest rates and the steepest late fees.
On May 1, 2024, Utah’s Artificial Intelligence (AI) Policy Act (the “AI Policy Act”) took effect. The AI Policy Act is the first U.S. state law to impose transparency obligations on companies using generative artificial intelligence (“Gen AI”). Those obligations are particularly critical for any company or individual in a regulated industry, such as medicine or accounting. Penalties are up to $2,500 for each violation, and the law may be enforced by the Utah Division of Consumer Protection or the courts.
The resource covers data definitions and who is required to comply with the law, taking effect July 1, among other details.
Federal Reserve Governor Lisa Cook highlighted commercial real estate, private credit and cyber risks as potential issues. Speaking Wednesday (May 8) at the Brookings Institution in Washington, D.C., Cook provided a current assessment of financial stability and highlighted these issues as potential vulnerabilities.
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