News & Analysis as of

Machine Learning Equal Credit Opportunity Act Algorithms

Bradley Arant Boult Cummings LLP

CFPB Examinations Highlight Fair Lending Risks in Credit Scoring Models

Amid recent technological advances in artificial intelligence and machine learning, on January 17, 2025, the CFPB issued its Winter 2025 Supervisory Highlights: Advanced Technologies Special Edition. This edition of...more

Hinshaw & Culbertson - Privacy, Cyber & AI...

Navigating the Latest State AI Laws: What Your Business Needs to Know

Hinshaw's Privacy, Security, & Artificial Intelligence (AI) practice group has been continuously monitoring the changes to state AI regulations, which we outline below for your company to be aware of and comply with if you...more

ArentFox Schiff

The Federal Trade Commission and Artificial Intelligence

ArentFox Schiff on

Artificial intelligence (AI) burst into the public consciousness less than one year ago, with OpenAI’s highly successful public release of ChatGPT. Since then, AI-enabled products and services have proliferated throughout the...more

Mintz - Antitrust Viewpoints

Financial Protection and Autonomous Systems: Recent CFPB Actions Focused on AI — AI: The Washington Report

Welcome to this week's issue of AI: The Washington Report, a joint undertaking of Mintz and its government affairs affiliate, ML Strategies. The accelerating advances in artificial intelligence (“AI”) and the practical,...more

Jones Day

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

Jones Day on

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

Faegre Drinker Biddle & Reath LLP

Artificial Intelligence Briefing: AI Insight Forum Underway

Dozens of senators kicked off a series of closed-door sessions, known as the A.I. Insight Forum, to hear from key industry stakeholders and discuss AI regulation. Will they be able to reach consensus on the scope of future...more

Levenfeld Pearlstein, LLC

The Crucial Role of U.S. Privacy Laws on Unregulated Generative AI

Generative Artificial Intelligence (AI) systems like ChatGPT and Google’s Bard have been widely successful and used in applications ranging from science, law, art, business, and even medicine. Generative AI has been called a...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

Proskauer Rose LLP

Government Enforcement

Proskauer Rose LLP on

The last webinar in our series concerned AI and government enforcement. Companies are currently gauging how government will focus enforcement efforts in this new, emerging area by looking to a few guideposts. The first is...more

McGlinchey Stafford

Powersports and the CFPB: Fair lending, fees, repossessions, and voluntary products

McGlinchey Stafford on

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

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

Venable LLP on

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

McGlinchey Stafford on

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

Hogan Lovells

AI & Algorithms (Part 4): The FTC’s Guidance on AI

Hogan Lovells on

Although the U.S. has no federal law that specifically regulates artificial intelligence (AI), the Federal Trade Commission (FTC) has indicated that it may be preparing to exercise its consumer protection authority with...more

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