In this podcast, Dean and Len discuss the September guidance from the CFPB concerning the Equal Credit Opportunity Act (ECOA), credit denials, and Artificial Intelligence (AI). The guidance emphasizes that lenders using AI for credit decisions must provide specific and accurate reasons for adverse actions. This includes updates to sample adverse action forms and checklists to reflect actual reasons for credit denials or changes in conditions. The discussion also touches on potential updates to Home Mortgage Disclosure Act (HMDA) data collection to align with these expanded reasons for adverse action. Dean advises lenders to update ECOA assessments, review policies, procedures, forms, and ensure compliance and substantiation in credit decisions, especially in the context of AI and complex algorithms.
Brought to you by GeoDataVision and M&M Consulting
The Texas Court’s Preliminary Injunction Against the 2023 Rule
Climate Risk, the emerging risk
How to estimate how your performance will look under the new CRA
2024 Regulatory Hot Topics
Electronic Funds Transfers-The Investigation Process
The Coming Perfect Storm
The New CRA II - Retail Lending Test
The New CRA - I
Reg. CC-Funds Availability, it ’s a good time to revisit the hold provisions and timing for Reg. CC.
The Importance of Assessment Areas
Electronic Funds Transfers-The Basics
What’s behind the increase in CRA Exam failures?
Electronic Funds Transfers-what you need to know when using cash applications such as Venmo
Statistical Measurements of compliance
Keeping up with all the new regulations
Combatting Redlining Initiative
Artificial Intelligence (AI) and Banking
Unveiling the Implications: How Section 1071 Reshapes Community Reinvestment Act Reporting
Back to ERM Basic
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
HCI Leadership Revolution
Human Capital Leadership
The Power of Music Thinking
BusinessWISE
Business Wars