Digital Policy Alert logo

United States of America: U.S. inquiry into Equal Credit Opportunity Act and Regulation B including a section on AI/ML

Progress

Current status
processing consultation
02 Oct 2020 processing consultation
08 Mar 2020 in consultation

Scope

Implementers
United States of America
Policy Area
Consumer protection
Policy Instrument
User/subject right
Regulated Economic Activity
ML and AI development
Government Branch
executive
Government Body
consumer protection authority
Implementation Level
national

Timeline of events

02 Oct 2020
processing consultation

End of inquiry into Equal Credit Opportunity Act and Regulation B including a section on AI/ML

The Bureau of Consumer Financial Protection closes a request for information on credit discrimination which includes a section on the use of AI/ML by financial institutions. The main issues regard the satisfaction of adverse action notices by lender…

Source
Event type inquiry
Action type consultation closed
Government branch executive
Government body consumer protection authority
08 Mar 2020
in consultation

Launch of inquiry into Equal Credit Opportunity Act and Regulation B including a section on AI/ML

The Bureau of Consumer Financial Protection launches a request for information on credit discrimination which includes a section on the use of AI/ML by financial institutions. The main issues regard the satisfaction of adverse action notices by lend…

Source
Event type inquiry
Action type consultation opened
Government branch executive
Government body consumer protection authority