Navigating compliance can be tricky; add in artificial intelligence (AI) and the stakes change. However, it’s not just AI that can muddy the waters. That’s why the Innovative Payments Association will convene legal experts in Chicago on Sept. 12 for a one-day compliance boot camp to help payments professionals manage the ever-changing landscape.   

“Payments professionals will immerse themselves in IPA Compliance Boot Camp sessions designed to build compliance knowledge,” said IPA President and CEO Brian Tate. “Artificial Intelligence is the latest wave that payments professionals face in compliance, and it can either be a tremendous benefit or a large challenge.”  

In terms of AI, as Bill Gates has said, “the age of AI has begun,” but there are ethical and legal issues that arise. That’s why Judie Rinearson, a partner at K&L Gates, who has over 25 years of experience in the financial services industry – particularly in the areas of emerging payments and compliance with state and federal consumer protection laws, anti-money laundering laws, state money transmitter licensing laws and abandoned property laws – will help boot camp participants answer questions such as:  

• What are the potential positive applications and the risks and concerns of AI? 
• Why did over 50,000 people sign an open letter asking all AI labs to halt training of AI systems more powerful than GPT-4? 
• What laws have been passed regarding AI oversight and control? 
• What future laws are anticipated?

In a separate session, the attendees will look closer at buy now pay later (BNPL). The Consumer Financial Protection Bureau has been investigating BNPL for the last 18 months, and by all indications, it could propose a rule or guidance by the end of this year. Stinson Associate Tom Witherspoon, who has nearly 20 years of experience in payments, consumer financial products and bank and financial regulatory matters, will address what that means for the payments industry.   

Further sessions in the day-long boot camp will address:   

• Regulation-E: A presentation of best practices, tips on documenting an investigation and specific error resolution requirements. 
• Earned Wage Access: A look at what a workable regulatory framework for EWA providers entails.
• Third-Party Risk: A conversation on how banks and their fintech partners implement regulations to mitigate risk and unforeseen challenges.
• Stablecoins: A view of where the stablecoin industry stands, regulatory responses, legislative measures, international standard-setting, and the overall digital asset space.

The boot camp, sponsored by Discover, will begin at 8.45 am at the University Club in Chicago. For additional information or to register for the conference, go to https://bit.ly/IPAComplianceBootCamp.