Day: September 20, 2023

Using AI in Lending

CFPB Warns Lenders on Use of AI to Deny Credit

The Consumer Financial Protection Bureau (CFPB) has issued guidance on legal requirements that lenders must adhere to when using artificial intelligence and other complex models to approve loans. The guidance describes how lenders must provide specific and accurate reasons when taking adverse actions against consumers. “Creditors cannot simply use CFPB Read More