All tagged CFPB

CFPB Highlights Innovative Uses of Data and Machine Learning in Credit

On Tuesday, the Consumer Financial Protection Bureau (CFPB) released a noteworthy blog post providing an update on key findings about the use of alternative data for credit access in connection with the Bureau’s first no-action letter (NAL). The post, written by top agency officials, discusses a NAL that the CFPB issued in September 2017 to Upstart Network, Inc., a company with an online lending platform that utilizes “alternative data” and machine learning to make credit decisions.