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

Policy overview

Description

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 lenders using AI/ML models and the need to facilitate innovation.

Original source

Scope

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

Complete timeline of this policy change

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2020-03-08
in consultation

The Bureau of Consumer Financial Protection launches a request for information on credit discrimina…

2020-10-02
processing consultation

The Bureau of Consumer Financial Protection closes a request for information on credit discriminati…

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