News & Analysis as of

Artificial Intelligence Fair Lending

Hudson Cook, LLP

No AI Law? No Problem. How Massachusetts Attacked AI Underwriting Under Existing State Statutes

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On July 10, 2025, the Massachusetts Attorney General (AGO) entered into an Assurance of Discontinuance (AOD) with a private student loan lender (the Company), resolving allegations that the Company's underwriting practices...more

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

Goodwin

The Evolving Landscape of AI Regulation in Financial Services

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Artificial intelligence (AI) is increasingly woven into financial services operations, transforming everything from consumer interactions through chatbots and targeted marketing to essential functions like underwriting,...more

Troutman Pepper Locke

The FinReg Frontier: AI and Machine Learning in Consumer Finance — The Consumer Finance Podcast

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In this episode of the Consumer Finance Podcast, Chris Willis, co-leader of Troutman Pepper Locke's Consumer Financial Services Regulatory practice, delves into the current state of machine learning and artificial...more

Troutman Pepper Locke

UDAAP and Fair Lending Developments: 2024 Year-in-Review and 2025 Predictions — The Consumer Finance Podcast

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In this third episode of the Year in Review series of The Consumer Finance Podcast, host Chris Willis is joined by Lori Sommerfield, a partner in Troutman Pepper Locke’s Consumer Financial Services Practice Group, to discuss...more

Troutman Pepper Locke

CFPB Highlights Fair Lending Risks in Advanced Credit Scoring Models

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Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its latest Supervisory Highlights report, focusing on the use of advanced technologies in credit scoring models. ...more

Sheppard Mullin Richter & Hampton LLP

Key Takeaways from the CFPB’s 2023 Fair Lending Report

On June 25, the CFPB issued its annual fair lending report covering its fair lending activity in 2023. The Bureau noted that in 2023 it undertook 28 fair lending examinations and announced four enforcement actions. It...more

GeoDataVision

Keeping up with all the new regulations

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In this podcast episode, Len and Dean discuss the challenges compliance officers face in keeping up with regulatory changes and guidance. They mention various regulations and topics that have been covered in previous...more

Husch Blackwell LLP

CFPB Issues New Guidance for AI-Driven Credit Decisions

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On September 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued new guidance outlining lenders’ obligations under the Equal Credit Opportunity Act (ECOA) and Regulation B when using artificial intelligence (AI)...more

Morrison & Foerster LLP

CFPB Issues Guidance on AI Use in Credit Decisions

On September 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued a Consumer Protection Circular, “Adverse Action Notification Requirements and the Proper Use of the CFPB’s Sample Forms Provided in Regulation B”...more

Venable LLP

CFPB Weighs in on Credit Denials by Lenders When Using AI and Complex Credit Models

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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

Cadwalader, Wickersham & Taft LLP

CFPB Issues Guidance on Credit Denials by Lenders Using Artificial Intelligence

On September 20th, the Consumer Financial Protection Bureau (“CFPB”) published guidance – Consumer Financial Protection Circular, 2023-03 – regarding the list of reasons that must be provided when an applicant is denied...more

Cadwalader, Wickersham & Taft LLP

Vice Chair Barr Speaks on Fair Lending in Age of AI

Michael Barr, the Federal Reserve Board’s (“FRB”) Vice Chair for Supervision, delivered remarks, titled “Furthering the Vision of the Fair Housing Act,“ to the National Fair Housing Alliance 2023 National Conference earlier...more

Troutman Pepper Locke

CFPB’s 2022 Fair Lending Report Focuses on Bias in Mortgage Lending, Redlining, Home Appraisals, Small Business Lending, and Shows...

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As shown by a new report, the Consumer Financial Protection Bureau (CFPB or Bureau) is focusing its fair lending work on mortgage origination and pricing, small business lending, redlining, and the use of artificial...more

Sheppard Mullin Richter & Hampton LLP

Federal Regulators Remain Focused on AI-based Discrimination

On April 25, the CFPB, FTC, EEOC, and Civil Rights Division of the DOJ issued a joint statement outlining the agencies’ collective commitment to monitor the development and use of automated systems and artificial intelligence...more

Ballard Spahr LLP

FTC issues annual ECOA report to CFPB (UPDATED)

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The FTC recently sent its annual letter to the CFPB reporting on the FTC’s activities related to the Equal Credit Opportunity Act (ECOA) and Regulation B.  The new letter reports on the FTC’s activities in 2022.  The Bureau...more

Orrick, Herrington & Sutcliffe LLP

FTC provides 2022 ECOA summary to CFPB

On February 9, the FTC announced it recently provided the CFPB with its annual summary of activities related to ECOA enforcement, focusing specifically on the Commission’s activities with respect to Regulation B. ...more

Orrick, Herrington & Sutcliffe LLP

Barr says AI should not create racial disparities in lending

On February 7, Federal Reserve Board Vice Chair for Supervision, Michael S. Barr, delivered remarks during the “Banking on Financial Inclusion” conference, where he warned financial institutions to make sure...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

McGlinchey Stafford

Powersports and the CFPB: Fair lending, fees, repossessions, and voluntary products

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Compliance lawyers last summer were predicting that the Consumer Financial Protection Bureau (CFPB) would announce a robust regulatory agenda under the Biden administration, but we had not yet seen many details that allowed...more

Venable LLP

Hot Topics in Artificial Intelligence, Machine Learning, and Alternative Data in Financial Services

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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 Generation. ...more

Pillsbury - Internet & Social Media Law Blog

Regulators Zero In on AI

As previously discussed, financial services regulators are increasingly focused on how businesses use artificial intelligence (AI) and machine learning (ML) in underwriting and pricing consumer finance products. Although...more

McGlinchey Stafford

CFPB Takes Adverse Action Against Machine Learning

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The Consumer Financial Protection Bureau (CFPB) has been contemplating data, algorithms, and machine learning for years. In 2017, as part of a field hearing on alternative data, the CFPB issued a request for information in...more

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