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Home » CFPB tees up investigations of AI-based underwriting, adverse action notices

CFPB tees up investigations of AI-based underwriting, adverse action notices

The burea is soliciting the help of whistleblowers

Joey PizzolatobyJoey Pizzolato
June 7, 2022
in Compliance
Reading Time: 3 mins read
0
Consumer Financial Protection Bureau

Photographer: Ting Shen/Bloomberg

The Consumer Financial Protection Bureau is putting artificial intelligence-based (AI) underwriting models under the regulatory microscope as more lenders and banks rely on complex algorithms for credit decisioning. Specifically, the Bureau wants to ensure that lenders using AI or machine learning (ML) to underwrite loans are able to issue adverse action notices required under the […]

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