Artificial Intelligence (AI) at the CFPB
https://www.consumerfinance.gov/ai/
The CFPB is dedicated to advancing the use of artificial intelligence (AI) and related technologies in a responsible, safe, and secure manner.
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Prepared Remarks of CFPB Director Rohit Chopra at the FinRegLab AI Conference
https://www.consumerfinance.gov/about-us/newsroom/prepared-remarks-of-cfpb-director-rohit-chopra-at-the-finreglab-ai-conference/
Director Chopra delivered remarks at the 2024 FinRegLab AI Symposium.
Data Enforcers Convening: Generating Harms: What to do when Generative AI has Harmful Impacts
https://www.consumerfinance.gov/about-us/events/archive-past-events/data-enforcers-convening-generating-harms-what-to-do-when-generative-ai-has-harmful-impacts/
Join us for a conversation with the Electronic Privacy Information Center (EPIC) about their work with Generative AI harms and proposed solutions.
Agencies Seek Wide Range of Views on Financial Institutions’ Use of Artificial Intelligence
https://www.consumerfinance.gov/about-us/newsroom/agencies-seek-wide-range-of-views-on-financial-institutions-use-of-artificial-intelligence/
Five federal financial regulatory agencies are gathering insight on financial institutions’ use of artificial intelligence (AI). The agencies seek information from the public on how financial institutions use AI in their activities, including fraud prevention, personalization of customer services, credit underwriting, and other operations.
Innovation spotlight: Providing adverse action notices when using AI/ML models
https://www.consumerfinance.gov/about-us/blog/innovation-spotlight-providing-adverse-action-notices-when-using-ai-ml-models/
Spotlight on providing adverse action notices under the Equal Credit Opportunity Act and the Fair Credit Reporting Act when using machine learning and other artificial intelligence models.
Algorithms, artificial intelligence, and fairness in home appraisals
https://www.consumerfinance.gov/about-us/blog/algorithms-artificial-intelligence-fairness-in-home-appraisals/
Today, the CFPB is taking another step toward ensuring accountability for automated decision models, sometimes marketed as artificial intelligence (AI).
Agencies Extend Comment Period on Request for Information on Artificial Intelligence
https://www.consumerfinance.gov/about-us/newsroom/agencies-extend-comment-period-on-request-for-information-on-artificial-intelligence/
Five federal financial regulatory agencies announced today they will extend the comment period on the request for information on financial institutions’ use of artificial intelligence (AI) until July 1, 2021.
CFPB and Federal Partners Confirm Automated Systems and Advanced Technology Not an Excuse for Lawbreaking Behavior
https://www.consumerfinance.gov/about-us/newsroom/cfpb-federal-partners-confirm-automated-systems-advanced-technology-not-an-excuse-for-lawbreaking-behavior/
Four federal agencies jointly pledged today to uphold America’s commitment to the core principles of fairness, equality, and justice as emerging automated systems, including those sometimes marketed as “artificial intelligence” or “AI,” have become increasingly common in our daily lives.
Request for Information and Comment on Financial Institutions' Use of Artificial Intelligence, Including Machine Learning
https://www.consumerfinance.gov/rules-policy/notice-opportunities-comment/archive-closed/request-for-information-and-comment-on-financial-institutions-use-of-artificial-intelligence/
The Board of the Federal Reserve System, Bureau of Consumer Financial Protection, Federal Deposit Insurance Corporation, National Credit Union Administration, and the Office of the Comptroller of the Currency are gathering information and comments on financial institutions' use of artificial intelligence (AI), including machine learning (ML).
Public Interest Tech Jobs: Regulate tech and AI
https://www.consumerfinance.gov/about-us/blog/public-interest-tech-jobs-regulate-tech-and-ai/
Join us and other enforcement agencies across the Federal government to ensure the use of advanced technology and automated systems comply with all Federal laws.
Remedy Design Deep Dive with the FTC
https://www.consumerfinance.gov/about-us/events/archive-past-events/remedy-design-deep-dive-with-the-ftc/
Join the Consumer Financial Protection Bureau and the Federal Trade Commission for a deep dive into remedy design in the age of AI.
Data Enforcers Convening: Intro to AI/ML for Regulators
https://www.consumerfinance.gov/about-us/events/archive-past-events/data-enforcers-convening-intro-to-aiml-for-regulators/
This introductory session will cover a selection of topics including how models make predictions, how data is used in model development, and relevant takeaways for regulators and enforcers.
CFPB approves rule to ensure accuracy and accountability in the use of AI and algorithms in home appraisals
https://www.consumerfinance.gov/about-us/blog/cfpb-approves-rule-to-ensure-accuracy-and-accountability-in-the-use-of-ai-and-algorithms-in-home-appraisals/
The CFPB approved a rule to address the current and future applications of complex algorithms and artificial intelligence used to estimate home values.
Director Chopra’s Prepared Remarks on the Interagency Enforcement Policy Statement on “Artificial Intelligence”
https://www.consumerfinance.gov/about-us/newsroom/director-chopra-prepared-remarks-on-interagency-enforcement-policy-statement-artificial-intelligence/
Director Chopra provided remarks on an interagency press conference to announce the Joint Statement on Enforcement Efforts Against Discrimination and Bias in Automated Systems.
Consumer Financial Protection Circular 2024-06: Background Dossiers and Algorithmic Scores for Hiring, Promotion, and Other Employment Decisions
https://www.consumerfinance.gov/compliance/circulars/consumer-financial-protection-circular-2024-06-background-dossiers-and-algorithmic-scores-for-hiring-promotion-and-other-employment-decisions/
Can an employer make employment decisions utilizing background dossiers, algorithmic scores, and other third-party consumer reports about workers without adhering to the Fair Credit Reporting Act (FCRA)?
Prepared Remarks of Director Rohit Chopra for Community Table on White House Blueprint for a Renters Bill of Rights
https://www.consumerfinance.gov/about-us/newsroom/prepared-remarks-director-rohit-chopra-community-table-white-house-blueprint-renters-bill-of-rights/
Director Chopra provided prepared remarks at an event hosted by the U.S. Department of Housing and Urban Development on tenant rights.
Technologists wanted
https://www.consumerfinance.gov/about-us/blog/technologists-wanted/
The CFPB is hiring product managers, designers, engineers, data scientists, and more to help detect and prevent unfair, deceptive, and abusive practices in financial markets.
Remarks of CFPB Director Rohit Chopra at White House Roundtable on Protecting Americans from Harmful Data Broker Practices
https://www.consumerfinance.gov/about-us/newsroom/remarks-of-cfpb-director-rohit-chopra-at-white-house-roundtable-on-protecting-americans-from-harmful-data-broker-practices/
The United States has a long history of recognizing the sanctity of protecting against unwanted intrusions into our homes and our lives.
CFPB Comment on Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector
https://www.consumerfinance.gov/about-us/newsroom/cfpb-comment-on-request-for-information-on-uses-opportunities-and-risks-of-artificial-intelligence-in-the-financial-services-sector/
The CFPB comment on the Department of Treasury’s Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector.
CFPB Joins Federal and State Agencies in Coordinated Statements on Tech & Enforcement
https://www.consumerfinance.gov/about-us/newsroom/cfpb-joins-federal-and-state-agencies-in-coordinated-statements-on-tech-enforcement/
Today, a number of federal and state agencies released agency-specific action statements on tech capacity.