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CFPB Fleshes Out Rules for Credit Denials That Use AI

Saturday, Sep 23 2023
Lending
Written by  The Mortgage Leader

The Consumer Financial Protection Bureau has issued guidance for lenders’ use of artificial intelligence in their credit decision-making process. So reports PYMNTS.

CFPB 150x150The CFPB stressed that lenders must be able to clearly, specifically and accurately explain their rationale behind a denial.

The use of AI and complex algorithmic models has expanded the range of reasons for adverse credit decisions, according to the regulator.

Read the full article from PYMNTS.

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