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Shearn Delamore & Co | Malaysia | 20 Jun 2023

Consumer Credit Oversight Board Task Force issues consultation paper

The Consumer Credit Oversight Board Task Force recently issued its second public consultation paper (CP2) and invited feedback on the proposed regulatory framework for credit businesses and credit service businesses. The CP2, building on the first consultation paper issued in 2022, covers the requirements on authorisation, governance and conduct expected of all non-bank credit providers and......
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Maćešić & Partners | Croatia | 21 Feb 2023

New approach to credit scoring supported by AI and PSD2

During the past few years, most major Croatian banks have turned to artificial intelligence (AI) solutions for their credit scoring methods. Besides being significantly more time-efficient, AI-based credit scoring uses more data to provide an individualised credit score and helps banks assess clients' credit risk more accurately. AI-based credit scoring is just one of many examples of......
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Morrison & Foerster LLP | USA | 9 Jul 2020

Machine Underwriting: The CFPB Issues Blog Post on Use of Artificial Intelligence in Credit Underwriting

On July 7, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post on the use of artificial intelligence (AI)…
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Clyde & Co LLP | China | 17 Jan 2020

Are you ready, are you compliant? China’s social credit management system 2020

According to the 2018 Annual Report published by the People's Republic of China's ("PRC's") National Public Credit Information Centre ("NPCIC")…
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Morrison & Foerster LLP | USA | 16 Aug 2019

FHFA Publishes Final Rule on Validation and Approval of Credit Score Models

On August 16, the Federal Housing Finance Agency (“FHFA”) issued a final rule on validation and approval of third-party credit score models (“Final…
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Troutman Pepper | USA | 9 Apr 2019

Ninth Circuit Rejects Standing for Plaintiffs Alleging Inaccurate Credit Reports, Relying on Spokeo v. Robins

Last week, a Ninth Circuit panel held that plaintiffs in five related cases lacked standing to pursue their FCRA claims. Specifically, the Ninth…
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Troutman Pepper | USA | 9 Apr 2019

New York Passes Legislation Regulating Student Loan Servicing

In connection with passing New York’s 2020 Executive Budget, the state enacted sweeping new regulations on student loan servicing. Governor Andrew…
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Troutman Pepper | USA | 4 Mar 2019

House Holds Hearing on Proposed Expansive FCRA Changes

On February 26, the House Financial Services Committee held a hearing entitled “Who’s Keeping Score? Holding Credit Bureaus Accountable and Repairing…
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Troutman Pepper | USA | 28 Feb 2019

FTC and CFPB Reauthorize Memorandum of Understanding

On February 25, the Federal Trade Commission and the Consumer Financial Protection Bureau reauthorized their Memorandum of Understanding, or “MOU.”…
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Gordon Rees Scully Mansukhani | USA | 27 Feb 2019

Background Investigations: Employers Must Provide FRCA and ICRAA Disclosures Separately and without any “Extraneous Information”

The disclosures to job applicants required prior to obtaining a background investigation under the Fair Credit Reporting Act (“FRCA”) and the…
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