What CFPB Consumer Financial Protection Circular 2023-03 - Adverse Action Notices When Using AI and Complex Credit Models requires
CFPB Consumer Financial Protection Circular 2023-03 (19 September 2023) builds on the 2022-03 Circular and clarifies that creditors using AI and other complex algorithmic models in credit decisions cannot satisfy the Equal Credit…
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Pillar: AI Governance & Law · Authority: Consumer Financial Protection Bureau (CFPB); FTC; OCC; FDIC; Federal Reserve Board; NCUA (prudential banking regulators with parallel ECOA authority); state Attorneys General under ECOA · Version: 1.0.0 · Last updated:
SHA-256 integrity: a666053e3acbce7e990da3f86eff69e021cb056b7c1ed88e04731884c77634a7
Primary Citations — 7 traced to source
- Consumer Financial Protection Bureau (CFPB) Consumer Financial Protection Circular 2023-03 - Adverse Action Notification Requirements and the Proper Use of the CFPB sample forms provided in Regulation B - issued 19 September 2023
- CFPB Circular 2022-03 (26 May 2022) - the foundational interpretive guidance on which Circular 2023-03 builds; both clarify ECOA adverse action specificity for AI/ML credit decisions
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