FDIC Chairman Jelena McWilliams today confirmed that banks should rely on borrowers’ statements certifying that their economic need is legitimate when making Paycheck Protection Program loans, referencing a recent interim final rule issued by the Small Business Administration.
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.
ABA, the Consumer Bankers Association and the Housing Policy Council today welcomed the Department of Housing and Urban Development’s proposed standard for bringing “disparate impact” claims under the Fair Housing Act.
The next-generation root cause analysis to prevent redlining.
Banks want to expand safe and sound lending across the board and remain committed to enhancing the availability of credit to all qualified borrowers.
Former Comptroller of the Currency Eugene Ludwig talks about the current state of artificial intelligence in banking and the outlook for community banks and compliance professionals.
The use of alternative data in credit decisions could make a significant difference in the cost and availability of credit for consumers, according to a new blog post published yesterday on the CFPB’s website.
The Department of Housing and Urban Development will propose a new standard for bringing “disparate impact” claims under the Fair Housing Act.
As the days and months pass, compliance officers often reflect on the bank’s compliance program, its accomplishments, and what is yet to come. In the case of customer account servicing, the message is clear. Quality and fairness in servicing continues to be in the spotlight.
The Consumer Financial Protection Bureau recapped its efforts in 2018 to fulfill its statutory mandate to ensure consumers are protected from discrimination in its seventh Fair Lending Report issued recently.