What will it require to please CFPB on AI-based credit decisioning?

The Consumer Financial Protection Bureau (CFPB) positioned expert system (AI)- and artificial intelligence (ML)-powered credit decisioning into its crosshairs recently, with paperwork most likely being essential to pleasing the regulator’s questions. Under the Equal Credit Opportunity Act (ECOA), financial institutions are needed to send out negative action notifications to customers who are rejected credit, discussing why they were not used […]


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