JD Supra

CFPB Revisits Adverse Action Notice Requirements When Using Artificial Intelligence or Complex Credit Models

In May 2022, the CFPB issued Circular 2022-3 addressing Equal Credit Opportunity Act (ECOA) adverse action notice requirements in connection with credit decisions based on algorithms. The CFPB is now ...
JD Supra

Creditors Using AI Underwriting Must Provide Specific Reasons for Adverse Action

Artificial intelligence (“AI”) and complex credit models may help lending institutions make decisions on credit applications more efficiently, but they’re also inviting increased scrutiny from ...
AOL

Here’s the Best Way to Handle an Adverse Action Notice

If you get turned down for a loan or line of credit, an adverse action notice can explain why. Although you might not be able to fix the problem with your credit overnight, knowing what’s wrong will ...
Automotive News

CFPB Issues Guidance on Credit Denials by Lenders Using Artificial Intelligence

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other ...