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CFPB Continues Scrutiny of Algorithmic Technology

June 8, 2022 By Josh Dhyani and Consumer Finance Team

On May 26, 2022 the Consumer Financial Protection Bureau released a Consumer Financial Protection Circular stating that creditors utilizing algorithmic tools in credit making decisions must provide “statements of specific reasons to applicants against whom adverse action is taken” pursuant to ECOA and Regulation B. The CFPB previously stated that circulars are policy statements meant […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Equal Credit Opportunity Act (ECOA), Fintech Tagged With: #CFPB, AI, Fair Lending, machine learning

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