When autocomplete results are available use up and down arrows to review and enter to select.
The Consumer Financial Protection Bureau issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models.
Details: The guidance says:
Lenders must use specific and accurate reasons when taking adverse actions against consumers.
Creditors cannot simply use the CFPB’s sample adverse-action forms and checklists if they do not reflect the actual reason for the denial of credit or a change of credit conditions.
This requirement is especially important with the growth of advanced algorithms and personal consumer data in credit underwriting.