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CFPB Fleshes Out Rules for Credit Denials That Use AI

The Consumer Financial Protection Bureau has issued guidance for lenders’ use of artificial intelligence in their credit decision-making process. So reports PYMNTS.

CFPB 150x150The CFPB stressed that lenders must be able to clearly, specifically and accurately explain their rationale behind a denial.

The use of AI and complex algorithmic models has expanded the range of reasons for adverse credit decisions, according to the regulator.

Read the full article from PYMNTS.

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