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Algorithms › Lenders

Ballard Spahr LLP

Massachusetts AG reaches settlement with student loan company, Earnest Operations LLC

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Massachusetts Attorney General Andrea Joy Campbell has reached a $2.5 million settlement with Earnest Operations LLC, a Delaware-based student loan company....more

Paul Hastings LLP

Disparate Impact Lives: Massachusetts Attacks AI in Lending

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On July 10, the Massachusetts attorney general announced a $2.5 million settlement with a Delaware-based student loan company to resolve allegations that the company’s lending practices, including the use of artificial...more

Goodwin

Massachusetts Attorney General Settles with Student Loan Lender for Unlawful Practices Related to the Use of AI

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This Thursday, July 10, Massachusetts Attorney General Andrea Joy Campbell announced a $2.5 million settlement with a company that offers education financing products based in Delaware. ...more

Fox Rothschild LLP

What Are Regulators Looking for in Privacy Notices?

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The Consumer Financial Protection Bureau recently issued guidance about the legal requirements that lenders must adhere to when using artificial intelligence and other complex models. The guidance sheds light on the kind...more

Troutman Pepper Locke

CFPB Calls for Increased Specificity and Accuracy on Reasons for Credit Denials When Lenders Employ Artificial Intelligence

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When using artificial intelligence (AI) or complex credit models, can lenders rely on the checklist of reasons provided in Regulation B sample forms for adverse action notices? According to today’s guidance issued by the...more

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review - Nondiscrimination and Military Protection Laws

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In this article, we share a timeline of our monthly "bites" for 2022 applicable to consumers protected by nondiscrimination and military protection laws. The CFPB has historically been particularly active with respect to...more

Clark Hill PLC

Fairness-as-a-Service

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Ensuring fairness at all levels in financial services is the new norm. But how do you do it and how do you know when it is achieved? Kareem Saleh, CEO and Founder of FairPlay AI stops by Credit Eco To Go to talk about his...more

Alston & Bird

CFPB Continues Scrutiny of Algorithmic Technology

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On May 26, 2022 the Consumer Financial Protection Bureau released a Consumer Financial Protection Circular stating that creditors utilizing algorithmic tools in credit making decisions must provide “statements of specific...more

Goodwin

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

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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

King & Spalding

Artificial Intelligence and the Fair Housing Act: Algorithms Under Attack?

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The Fair Housing Act (“FHA”), enacted more than fifty years ago, prohibits discriminatory practices in housing. The FHA makes it illegal to “make unavailable or deny . . . a dwelling to any person” or “discriminate against...more

Davis Wright Tremaine LLP

Discrimination and Algorithms in Financial Services: Unintended Consequences of AI

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It’s troubling enough when facial recognition software couldn’t recognize Asian faces, the crime prediction algorithm targeted black neighborhoods, the job bank was more likely to show men highly paid executive jobs, and the...more

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