Covington Financial Services

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Whistleblower Retaliation: How Companies Should Prepare for the Supreme Court’s Upcoming Decision

For unprepared companies, whistleblowers can cause serious problems. Companies could be subject to burdensome investigations by law enforcement authorities or hit with substantial fines and other sanctions. Companies might even face exposure for alleged retaliation against a whistleblower if the situation is not handled carefully. In this article for the New York Law Journal on … Continue Reading

Open APIs: CFPB Comments and Legal Issues to Consider

Another major bank recently announced the launch of an open application programming interface (or “API”) platform  through which it will grant third-party software developers access to its APIs for a number of use cases, including peer-to-peer payments, reward redemptions and account summary access.  The announcement comes on the heels of prepared remarks by Consumer Financial … Continue Reading

Smart Contracts: Opportunities and Legal Risks

Financial services companies, software developers and governments alike are exploring opportunities to automate a wide range of legacy processes using smart contracts and blockchain technology. What are smart contracts? Smart contracts are “computable” legal contracts that execute automatically (without verification by a third party) when a set of pre-programmed conditions are satisfied.  Unlike traditional legal … Continue Reading

The Future of Artificial Intelligence in Financial Services

On October 12, 2016, the White House released a report on the future of artificial intelligence and its potentially transformative impact on the economy and society.  Although the report does not focus on the application of artificial intelligence (AI) technologies in the financial services industry, it provides a helpful overview of the different categories of … Continue Reading
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