United States of America: End of inquiry into Equal Credit Opportunity Act and Regulation B including a section on AI/ML
Description
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 lenders using AI/ML models and the need to facilitate innovation.
Original sourceScope
Policy Area
Consumer protection
Policy Instrument
User/subject right
Regulated Economic Activity
ML and AI development
Implementation Level
national
Government Branch
executive
Government Body
consumer protection authority