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July 6, 2021

Inside Mortgage Finance

Inside the CFPB recently reported on a joint request from a handful of FinTech companies and the National Community Reinvestment Coalition to the CFPB to provide guidance on how it will apply disparate-impact rules under the fair lending laws to financial institutions that use artificial intelligence, including machine learning and alternative data, to make credit decisions.  In the article’s discussion of the context for the joint request, Quyen Truong, a partner in Stroock’s Financial Services Litigation, Regulation and Enforcement Group, observed that, “There’s little doubt that the CFPB would apply disparate-impact analysis to FinTech activities.”

Read the full article here. Note there is a charge to access. 

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