Subconscious Bias: The Silent Exposure to Non-Compliance
Could your lending practices be biased, even if you take steps to ensure that your inputs and systems are not using any prohibited factors? The answer is yes. According to the Consumer Financial Protection Bureau and Regulation B, even if you completely avoid all prohibited factors, your lending practice could be non-compliant if its outcomes […]
Pulling Back the Curtain: An Exposé on Credit Scoring
At face value, consumer credit scores, typically ranging in number from 300 to 850, are just that, three digits on a report that mean nothing to the untrained eye. To lenders, these three digits tend to be the holy grail of loan decisioning, giving insight into how likely a prospect is to repay a loan […]
Our Response to the OCC’s Senate Testimony on Regulatory Priorities
The Acting Comptroller of the Currency is responsible for addressing matters facing the OCC and the American federal banking system. This article makes reference to his testimony on August 3, 2021 to the Senate Committee on Banking, Housing and Urban Affairs, which can be read in full here: Written Testimony of Michael J. Hsu, Acting […]
