Until recently, the most popular topic of discussion in the financial services world has been the outcome of the Supreme Court case CFPB v. Community Financial Services Association of America, regarding the constitutionality...more
5/24/2024
/ Banking Examinations ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Data Privacy ,
Dodd-Frank ,
Enforcement Priorities ,
Fair Lending ,
Federal Funding ,
Financial Institutions ,
Financial Services Industry ,
Funding ,
SCOTUS ,
Transparency ,
UDAAP
The CFPB has issued a Circular addressing adverse action notification requirements and the proper use of the CFPB's sample forms provided in Regulation B when using artificial intelligence (AI) and complex credit models, and...more
9/25/2023
/ Adverse Action ,
Artificial Intelligence ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
Financial Services Industry ,
Model Forms ,
Notice Requirements ,
Regulation B
The Consumer Financial Protection Bureau ("CFPB" or "Bureau") recently published a Small Entity Compliance Guide (the "Guide") regarding Section 1071 of the Dodd-Frank Act, which amended ECOA to require that financial...more
6/13/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Covered Entities ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Final Rules ,
Financial Institutions ,
Lenders ,
Reporting Requirements ,
SBA ,
Small Business
The Consumer Financial Protection Bureau (CFPB) finalized a new Rule aimed at improving the transparency of and access to credit for small businesses on March 30, 2023. The Rule requires financial institutions to report data...more
Todays Discussion -
..CFPB and Regulator Leadership Set the Agenda.
..What is AI, Machine Learning, and Alternative Data?
..Key Areas of Regulatory Risk.
..Fair Lending.
..Marketing / Lead...more
Anti-discrimination law applies to companies with black-box credit models using complex algorithms, according to a circular issued by the Consumer Financial Protection Bureau (CFPB) on May 26, 2022. According to the CFPB, the...more
6/16/2022
/ Adverse Action ,
Algorithms ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
ECOA ,
Emerging Technologies ,
Fair Lending ,
Financial Services Industry ,
Machine Learning ,
UDAAP ,
Whistleblowers