Thomas Hefferon

Thomas Hefferon

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CFPB Says Creditors Must Provide Reasons For Taking Adverse Action, Even When Relying On AI

On May 26th, 2022, the Consumer Financial Protection Bureau (“CFPB”) published a Consumer Financial Protection Circular (the “Circular”), confirming that creditors must provide specific reasons for taking adverse action...more

6/6/2022  /  Adverse Action , Algorithms , Artificial Intelligence , Consumer Financial Protection Act (CFPA) , Consumer Financial Protection Bureau (CFPB) , Consumer Lenders , Creditors , ECOA , Lenders , Regulation B
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