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Creditors Adverse Action

Fox Rothschild LLP

What Are Regulators Looking for in Privacy Notices?

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The Consumer Financial Protection Bureau recently issued guidance about the legal requirements that lenders must adhere to when using artificial intelligence and other complex models. The guidance sheds light on the kind...more

Ballard Spahr LLP

CFPB Revisits Adverse Action Notice Requirements When Using Artificial Intelligence or Complex Credit Models

Ballard Spahr LLP on

In May 2022, the CFPB issued Circular 2022-3 addressing Equal Credit Opportunity Act (ECOA) adverse action notice requirements in connection with credit decisions based on algorithms. The CFPB is now revisiting the issue in...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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