Announcement
For Immediate Release
Posted:
September 19, 2023
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CFPB issues guidance on credit denials by lenders using Artificial Intelligence
The Consumer Financial Protection Bureau (CFPB) has issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models. The guidance describes how lenders must use specific and accurate reasons when taking adverse actions against consumers. Read the full CFPB press release here.