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Discriminatory Lending Practices Algorithms Financial Services Industry

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

Ballard Spahr LLP

Executive Order on artificial intelligence includes actions impacting consumer financial service providers

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On October 29, the Biden Administration issued a broad Executive Order (Order) on artificial intelligence (AI). Titled “Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence,”...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

Ballard Spahr LLP

Democratic Senators seek information about discrimination by lenders using algorithms

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Democratic Senators Elizabeth Warren and Doug Jones have sent a letter to the CFPB, Federal Reserve, OCC, and FDIC expressing concern that fintech and traditional lenders using algorithms in their underwriting processes are...more

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