BPI provided recommendations to the Consumer Financial Protection Bureau in its comment letter on the CFPB’s Request for Information on the Equal Credit Opportunity Act (ECOA) and Regulation B. In the letter, BPI recommended that the CFPB undertake efforts to (i) clarify how institutions best serve consumers with limited English proficiency; (ii) streamline any eventual small business data collection rule under Section 1071 of the Dodd-Frank Act; (iii) provide increased clarity for special purpose credit programs, as well as affirmative marketing efforts; and (iv) support the use of AI and machine learning in credit underwriting.
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