Recent Consumer Financial Protection Bureau ("CFPB") guidance reiterates that creditors must provide consumers with accurate and individualized explanations for adverse actions—a task made more difficult by the complexity of...more
10/12/2023
/ Adverse Action ,
Algorithms ,
Artificial Intelligence ,
Consumer Credit Protection ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
Machine Learning ,
Regulation B
Ruling concludes "unfairness" authority under the Dodd-Frank Act does not cover discrimination.
On September 8, 2023, a federal district court rejected the Consumer Financial Protection Bureau's ("CFPB") interpretation...more