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The Consumer Financial Protection Bureau today issued a request for information seeking on ways to create a regulatory environment that expands access to credit and ensures consumers and communities are protected from discrimination in all aspects of credit transactions.

Compliance and Risk Photo by Gertrūda Valasevičiūtė on Unsplash

AI, machine learning and alternative data are helping banks and nonbanks alike make faster decisions and expand access to credit. While fair lending concerns about “black boxes” have impeded wider adoption of these technologies, the regulatory environment is shifting.

Mortgage

The Consumer Financial Protection Bureau issued an interpretive rule yesterday clarifying that, due to the COVID-19 emergency, consumers have a greater ability to exercise their rights to modify or waive certain required waiting periods under the TILA-RESPA integrated disclosures and Regulation Z rescission rules.

Compliance and Risk

In a comment letter to the Consumer Financial Protection Bureau today — the ninth of 12 that the association will submit in response to the bureau’s ongoing feedback initiative — ABA encouraged the bureau to update the regulations and related commentaries it inherited from other federal agencies on a regular basis as issues and questions arise and markets evolve.

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