By Jeff Dale2023-09-20T18:57:00
The Consumer Financial Protection Bureau (CFPB) warned lenders using artificial intelligence (AI) in credit denials that consumers must receive accurate and specific reasoning—and not checklists—for why a credit request was denied.
In a press release Tuesday, the agency said, “[C]reditors cannot simply use CFPB sample adverse action forms and checklists if they do not reflect the actual reason for the denial of credit or a change of credit conditions.”
In June, the Federal Reserve Bank of New York released its quarterly credit analysis survey. The survey found the overall rejection rate for credit applicants increased to 21.8 percent, the highest level since June 2018.
2023-11-07T21:02:00Z By Kyle Brasseur
The Consumer Financial Protection Bureau is seeking greater authority to supervise the activities of companies that offer services like digital wallets and payment apps on par with how the agency oversees large banks, credit unions, and other financial institutions.
2023-10-30T22:25:00Z By Aaron Nicodemus
Eric Halperin, enforcement director at the Consumer Financial Protection Bureau, said his office will be adding 75 new full-time employees as part of an expansion of its efforts to protect consumers from misuse of their personal data.
2023-10-12T19:34:00Z By Kyle Brasseur
Credit reporting agency TransUnion agreed to pay $23 million total across settlements with the Consumer Financial Protection Bureau and Federal Trade Commission for alleged tenant screening and security freeze deficiencies.
2025-09-17T19:03:00Z By Ruth Prickett
More than half of all compliance teams are “actively using” or “piloting” AI applications, according to a Moody’s report. While most are focusing on streamlining routine tasks, some are developing AI agents and asking vital questions about AI decision-making.
2025-08-06T14:00:00Z By Aaron Nicodemus
The Trump administration’s designation of Mexican cartels as terrorist organizations in February has made doing business in Mexico riskier than ever before for corporations.
2025-06-26T15:37:00Z By Aaron Nicodemus
Bank examiners at the Federal Reserve Board will no longer assess reputational risk during examinations, a concession to the banking industry already underway with two other U.S. regulators.
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