The Congressional Research Service identified risks arising from the use of machine learning in the underwriting of consumer loans.
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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.
The U.S. House Financial Services Committee passed legislation to advance racial equity in the financial system, improve consumer protections against abusive debt collection practices and enhance public company disclosures.
The U.S. House Financial Services Committee considered 26 bills that are intended to remove barriers and biases that limit access to (i) capital, credit and financial services, (ii) fair housing and homeownership, and (iii) leadership opportunities in executive ranks and on boards.
The U.S. House Financial Services Subcommittee on Oversight and Investigations considered proposed legislation that would bolster the CFPB's enforcement against discrimination by lenders.