The CFPB reminded lenders that use complex decision-making algorithms that they must still provide specific and accurate explanations for denying credit or taking other adviser actions.
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The CFPB issued its semi-annual report to Congress. The report highlighted significant financial product and service issues consumers faced between April 1, 2019 and September 30, 2019.
CFPB Director Kathy Kraninger described agency initiatives focused on product experimentation, investigations and enforcement, and consumer education.
The CFPB highlighted the results of an analysis comparing the uses of traditional and non-traditional sources of information by consumers in the credit process.
The Consumer Financial Protection Bureau granted no-action relief to an online lending platform from supervisory or enforcement action with respect to the Equal Credit Opportunity Act.