Artificial intelligence (“AI”) and complex credit models may help lending institutions make decisions on credit applications more efficiently, but they’re also inviting increased scrutiny from ...
In May 2022, the CFPB issued Circular 2022-3 addressing Equal Credit Opportunity Act (ECOA) adverse action notice requirements in connection with credit decisions based on algorithms. The CFPB is now ...
CFPB gives guidance when using AI & other tools for credit underwriting resulting in adverse actions
Finance companies that book subprime paper often use sophisticated technology for underwriting and risk mitigation. The Consumer Financial Protection Bureau (CFPB) now has taken a regulatory stance on ...
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other ...
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