CFPB scrutinizes AI chatbots in banking industry.

The Consumer Financial Protection Bureau (CFPB) has issued an advisory warning about the risks associated with financial institutions using AI chatbots for customer service. However, data from the banking industry indicates that Americans are overwhelmingly happy with the customer service experience at their lending institutions, and one expert says the CFPB's latest "advisory" suggests it is trying to overstep its bounds. The CFPB acknowledges that financial institutions have been using chatbots for nearly a decade, but said the emergence of advanced AI models like ChatGPT presents new challenges.