News & Analysis as of

Machine Learning Fair Lending

Troutman Pepper Locke

The FinReg Frontier: AI and Machine Learning in Consumer Finance — The Consumer Finance Podcast

Troutman Pepper Locke on

In this episode of the Consumer Finance Podcast, Chris Willis, co-leader of Troutman Pepper Locke's Consumer Financial Services Regulatory practice, delves into the current state of machine learning and artificial...more

Troutman Pepper Locke

CFPB Highlights Fair Lending Risks in Advanced Credit Scoring Models

Troutman Pepper Locke on

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

Sheppard Mullin Richter & Hampton LLP

Key Takeaways from the CFPB’s 2023 Fair Lending Report

On June 25, the CFPB issued its annual fair lending report covering its fair lending activity in 2023. The Bureau noted that in 2023 it undertook 28 fair lending examinations and announced four enforcement actions. It...more

Cadwalader, Wickersham & Taft LLP

CFPB Issues Guidance on Credit Denials by Lenders Using Artificial Intelligence

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

Cadwalader, Wickersham & Taft LLP

Vice Chair Barr Speaks on Fair Lending in Age of AI

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

Clark Hill PLC

Fairness-as-a-Service

Clark Hill PLC on

Ensuring fairness at all levels in financial services is the new norm. But how do you do it and how do you know when it is achieved? Kareem Saleh, CEO and Founder of FairPlay AI stops by Credit Eco To Go to talk about his...more

Goodwin

DOJ Settles with Social Media Company to Resolve Fair Lending and Discriminatory Advertising Allegations

Goodwin on

On June 21, 2022, the U.S. Department of Justice (DOJ) filed a complaint and settlement agreement in federal court alleging that a social media company is in violation of the Fair Housing Act (FHA), 42 U.S.C. §§ 3601-3619,...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

Venable LLP

Hot Topics in Artificial Intelligence, Machine Learning, and Alternative Data in Financial Services

Venable LLP on

Todays Discussion - ..CFPB and Regulator Leadership Set the Agenda. ..What is AI, Machine Learning, and Alternative Data? ..Key Areas of Regulatory Risk. ..Fair Lending. ..Marketing / Lead Generation. ...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

Lowenstein Sandler LLP

AI in Credit Decision-Making Is Promising, but Beware of Hidden Biases, Fed Warns

Lowenstein Sandler LLP on

As financial services firms increasingly turn to artificial intelligence (AI), banking regulators warn that despite their astonishing capabilities, these tools must be relied upon with caution. Last week, the Board of...more

Skadden, Arps, Slate, Meagher & Flom LLP

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

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

Ballard Spahr LLP on

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

Ballard Spahr LLP on

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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