Artificial intelligence (AI) is becoming ubiquitous across sectors, and the financial services industry is no exception. With the rise of AI, there is also an increase in scrutiny by regulators over its use....more
10/1/2024
/ Artificial Intelligence ,
Bots ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Privacy ,
ECOA ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FinTech ,
Regulatory Standards ,
UDAAP ,
Underwriting
Traditional credit underwriting methods, which are generally based on credit reports, have not always successfully captured the full picture of a borrower’s ability to repay. It is estimated that more than 45 million US...more
3/27/2024
/ Alternative Methods ,
Borrowers ,
Consumer Financial Products ,
Consumer Lenders ,
Credit History ,
Credit Reports ,
Credit Scores ,
Financial Services Industry ,
FinTech ,
Low-Income Issues ,
UDAAP ,
Underwriting ,
Unfair or Deceptive Trade Practices ,
Unsecured Debt