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Troutman Pepper

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

Troutman Pepper 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

Ballard Spahr LLP

Consumer Finance Podcast Monitor Episode: The Consumer Financial Protection Bureau’s Final Section 1071 Rule on Small Business...

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At the end of March 2023, the CFPB issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and...more

Husch Blackwell LLP

CFPB Releases the Dodd-Frank 1071 Small Entity Compliance Guide

Husch Blackwell LLP on

The Consumer Financial Protection Bureau (CFPB) recently introduced the Dodd-Frank 1071 Small Entity Compliance Guide, an important resource for financial institutions navigating the mandates of Section 1071 of the Dodd-Frank...more

White & Case LLP

Regulatory update to remote onboarding procedures of various financial institutions

White & Case LLP on

On Thursday, September 9, the resolutions that reform, add and repeal the general rules on the prevention and identification of operations with resources of illicit origin applicable to financial cooperative associations...more

Sheppard Mullin Richter & Hampton LLP

CFPB To Issue Data Collection Regulations for Small Business Lenders in September

The U.S. District Court for the Northern District of California recently issued an order setting September 30 as the deadline for the CFPB to issue a notice of proposed rulemaking (NPRM) on small business lending data based...more

Ballard Spahr LLP

Nevada regulator and AG file opposition to trade groups’ preliminary injunction motion in lawsuit challenging Nevada law allowing...

Ballard Spahr LLP on

The Commissioner of the Financial Institutions Division (FID) of the Nevada Department of Business and Industry and the Nevada Attorney General have filed opposition to the preliminary injunction motion filed by three trade...more

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