Spotlight on providing adverse action notices under the Equal Credit Opportunity Act and the Fair Credit Reporting Act when using artificial intelligence, including machine learning models.
The Bureau is committed to ensuring fair, equitable, and nondiscriminatory access to credit for both individuals and communities. This report describes our fair lending activities in innovation, outreach, prioritization, guidance and rulemaking, supervision, and enforcement for calendar year 2019.
An update on results provided under the Bureau’s No-Action Letter on alternative data and machine learning
CFPB Office of Innovation proposes “disclosure sandbox” for companies to test new ways to inform consumers
The Bureau’s new Office of Innovation is proposing a “Disclosure Sandbox” to give companies leeway to test new disclosures or delivery methods that may better serve consumers.
We are launching a research pilot in collaboration with Credit Karma to improve understanding of consumer financial well-being.
Our first-ever no-action letter is being issued to Upstart.
Many new financial innovations rely on people
choosing to give a company access to their digital financial records held by
another company. If you’re using these kinds of services, we’d love to hear
from you. Make your voice heard.
We released the results of a Project Catalyst research project finding that offering a small incentive to prepaid card users to put some of their money into a savings wallet doubled uptake of the wallet.
Take a look around and you’ll see that the consumer financial marketplace is experiencing constant and rapid change. New technologies and insights can impact the way we borrow, save, transact, and receive information we need about finances. This environment can pose benefits and risks to consumers. Consumer-friendly innovation can drive down costs, improve transparency, and make people’s lives better. On the other hand, new products can also pose unexpected risks to consumers through dangers such as hidden costs or confusing terms.
Today, we’re announcing that as part of Project Catalyst, we’ll be working with H&R Block to evaluate practices to promote consumer saving behavior during tax time.