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Ballard Spahr LLP

AI in the Financial Services Industry

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The recent American Association of Residential Mortgage Regulators Annual Conference included a presentation highlighting the rising use of Artificial Intelligence (“AI”) in the Financial Services industry. As this will...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

Jones Day

CFPB Guidance Puts Creditors on Notice About AI-Involved Adverse Actions

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Recent Consumer Financial Protection Bureau ("CFPB") guidance reiterates that creditors must provide consumers with accurate and individualized explanations for adverse actions—a task made more difficult by the complexity of...more

Cadwalader, Wickersham & Taft LLP

CFPB Issues Guidance on Credit Denials by Lenders Using Artificial Intelligence

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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

Troutman Pepper Locke

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

Troutman Pepper Locke on

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

Cadwalader, Wickersham & Taft LLP

Vice Chair Barr Speaks on Fair Lending in Age of AI

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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

Orrick, Herrington & Sutcliffe LLP

Managing AI Risk: 3 Laws Companies Using Consumer Data for AI Development Need to Know

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Artificial Intelligence (AI) is transforming financial services, from underwriting and trading securities to customizing financial products and services. These innovative modeling techniques may enhance the accuracy of models...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

Pillsbury - Internet & Social Media Law Blog

Regulators Zero In on AI

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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

Venable LLP

CFPB Warns Users of Algorithms, AI, and Machine Learning of Anti-Discrimination Compliance Requirements

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Anti-discrimination law applies to companies with black-box credit models using complex algorithms, according to a circular issued by the Consumer Financial Protection Bureau (CFPB) on May 26, 2022. According to the CFPB, the...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

Ballard Spahr LLP

CFPB Publishes Blog Post On Providing Adverse Action Notices When Using Artificial Intelligence/Machine Learning Models

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The CFPB recently published a blog post titled, “Innovation spotlight: Providing adverse action notices when using AI/ML models.”...more

Skadden, Arps, Slate, Meagher & Flom LLP

Summary of 28th Annual Conference on Fair Lending and Consumer Financial Protection

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Year In Review - Anand Raman, the head of Skadden’s Consumer Financial Services (CFS) practice, began the conference by providing a summary of notable events and trends over the past year relating to consumer financial...more

Ballard Spahr LLP

CFPB 2020 Fair Lending Report Highlights Adverse Action Notices When Using Artificial Intelligence

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The CFPB’s annual fair lending report covering its 2019 activities is scheduled to be published in tomorrow’s Federal Register.  While most of the report recycles information about which we have previously blogged, it does...more

Ballard Spahr LLP

CFPB gives boost to use of alternative data and machine learning

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A new CFPB blog post titled “An update on credit access and the Bureau’s first No-Action Letter” provides a boost to lenders using alternative data and machine learning in their underwriting models....more

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