United States of America: CFPB Quality Control Standards Rule for Automated Valuation Models
Progress
Current status
adopted
24 Jun 2024 adopted
01 Jun 2023 under deliberation
Scope
Implementers
United States of America
Policy Area
Consumer protection
Policy Instrument
Non-discrimination requirement
Regulated Economic Activity
ML and AI development
technological consumer goods
Government Branch
executive
Government Body
consumer protection authority
other regulatory body
Implementation Level
national
Timeline of events
Adopted Quality Control Standards for Automated Valuation Models
On 24 June 2024, the Consumer Financial Protection Bureau (CFPB) adopted Quality Control Standards for Automated Valuation Models. These standards address both current and future applications of complex algorithms and artificial intelligence used t…
Event type
order
Action type
adoption
Government branch
executive
Government body
consumer protection authority
Announced CFPB Quality Control Standards Rule for Automated Valuation Models
On 1 June 2023, the Consumer Financial Protection Bureau (CFPB), alongside the US Office of the Comptroller of the Currency, the US Board of Governors of the Federal Reserve System, the US Federal Deposit Insurance Corporation, the US National Credi…
Event type
order
Action type
announcement
Government branch
executive
Government body
other regulatory body