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Cryptopolitan 2023-10-28 05:49:51

CFPB Issues Crucial Guidance on AI Use in Lending Decisions

In a significant move addressing the evolving landscape of lending practices, the Consumer Financial Protection Bureau (CFPB) has issued new guidance on compliance with the Equal Credit Opportunity Act’s (ECOA) adverse action notice requirements concerning the use of artificial intelligence (AI) by lenders in their credit decision-making process. This guidance underscores lenders’ need to provide ... Read more

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