Consumer Financial Protection Bureau (CFPB) (27)

Topics and Issues

Artificial Intelligence (6)

Credit Access (1)

Fair Lending (1)

Machine Learning (4)

The CFPB released its latest fair lending report, Protecting consumers and encouraging innovation: 2019 Fair Lending Report to Congress with a covering blog posting.

Of note is a section, Innovations in access to credit with a subsection on “providing adverse action notices when using artificial intelligence and machine learning models.”  In this section, the Bureau wrote that “artificial intelligence (AI), and more specifically, machine learning (ML), a subset of AI…”, will be an area of where the Bureau will be monitoring for fair lending and credit access. A good summary of the AI section is found in a BallardSpahr blog.  There is regulatory flexibility to handle questions of AI and machine learning, according to the Bureau.  This was the message CDIA provided in a comment to the OMB earlier this year in connection with a January 2020 Request for Comments on a Draft Memorandum to the Heads of Executive Departments and Agencies, Guidance for Regulation of Artificial Intelligence Applications.