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Lenders › Algorithms › Equal Credit Opportunity Act

Paul Hastings LLP

Disparate Impact Lives: Massachusetts Attacks AI in Lending

Paul Hastings LLP on

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

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

Alston & Bird

CFPB Continues Scrutiny of Algorithmic Technology

Alston & Bird on

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

Goodwin on

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

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