United States of America: CFPB guidance on credit denials by lenders using artificial intelligence
Progress
Current status
adopted
19 Sep 2023 adopted
Scope
Implementers
United States of America
Policy Area
Design and testing standards
Policy Instrument
Testing requirement
Regulated Economic Activity
ML and AI development
other service provider
Government Branch
executive
Government Body
other regulatory body
Implementation Level
national
Timeline of events
Issued CFPB Guidance on credit denials by lenders using artificial intelligence
On 19 September 2023, the US Consumer Financial Protection Bureau (CFPB) issued its guidance on credit denials by lenders using artificial intelligence (AI). The guidance emphasises that lenders must provide accurate and specific reasons when taking…
SourceEvent type
outline
Action type
adoption
Government branch
executive
Government body
other regulatory body