Lenders using AI-based underwriting must comply to CFPB guidance

https://bankautomationnews.com/allposts/ai/lenders-using-ai-based-underwriting-must-comply-to-cfpb-guidance/
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The Consumer Financial Protection Bureau has doubled down on adverse action requirements for lenders using AI-based underwriting with new guidance, marking a shift in tone from its previous guidance in 2022.   A CFPB blog post Tuesday echoed guidance issued in 2022, but largely focused on adverse action notices’ accuracy and specificity requirements, Brian Fink, partner at McGlinchey, told Auto Finance News, a sister […]

https://bankautomationnews.com/allposts/ai/lenders-using-ai-based-underwriting-must-comply-to-cfpb-guidance/