In the absence of active enforcement by federal banking regulators, many financial institutions are choosing this moment to take a second look at their compliance policies and procedures. Recent administrative actions implicating access to financial services may particularly require financial institutions to reevaluate their Consumer Due Diligence (CDD) procedures and Consumer Identification Program (CIP).

The U.S. District Court for the Eastern District of New York recently allowed an expert’s use of ChatGPT to confirm a proposed alternative design in a product liability lawsuit, denying the defendant’s motion to exclude the expert testimony for failing the reliability requirement of Federal Rule of Evidence (FRE) 702.