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CFPB Issues No Action Letter Related to Use of Artificial Intelligence Underwriting Model

On November 30, 2020, the Consumer Financial Protection Bureau (CFPB) granted a no-action letter​ to an online loan marketplace company for its artificial intelligence (AI) loan origination and underwriting platform.​ The company offers an AI-based underwriting model for banks, credit unions, and non-bank lenders to use in originating loans. Consumers provide information to start a loan…

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CFPB Files Suit Against Debt Relief Company

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On December 1, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit against a Massachusetts debt settlement and relief company over alleged violations of the Telemarketing Sales Rule (TSR) and Consumer Financial Protection Act (CFPA) in connection with the company’s debt-settlement and debt relief services. The complaint filed in the U.S. District…

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