In a new circular, the CFPB said that under the Equal Credit Opportunity Act and Regulation B, creditors are not permitted to use complex algorithms in credit decision-making if doing so means they are unable to provide “the specific and accurate reasons for adverse actions.”
Browsing: Artificial intelligence
The Department of Justice issued guidance on the use of algorithms and artificial intelligence in hiring processes and employers’ responsibilities under the Americans with Disabilities Act.
Unstructured data, in its purest form, must be cleaned, prepared and analyzed before it adds value or provides insights
Avoiding a descent into content chaos is paramount. The way forward is to adopt a modular approach to content management.
The regtech journey requires careful evaluation of perhaps hundreds of startups.
Among the ways banks can respond to today’s quickly changing criminal activity is by incorporating flexible fraud-detection controls that allow them to create or adjust rules on the fly.
Effective cybersecurity practice means new focuses and a new culture for a digital age.
Testifying before the Senate Banking Committee today, CFPB Director Rohit Chopra said that companies using discriminatory algorithms will need to be held accountable.
Stimulating “competitive intensity” in consumer financial markets will be a key priority for the CFPB under the leadership of Rohit Chopra, who was sworn in as director earlier this month.
The Federal Reserve today published a paper highlighting how community banks can partner effectively with fintech companies.