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Big Data (Part 1): How can it affect fair lending liability?
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Consumer Protection, Corporate Governance, Dodd-Frank Basics
Friday, April 24, 2015
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As the Consumer Financial Protection Bureau focuses on credit reporting and fair lending, the banking industry is balancing the need to make wise lending decisions while avoiding liability. Using big data for credit scoring models might eliminate human bias, but it also can open the door to potential liability under disparate impact. Part 1 explores how big data use may open the door to fair lending liability, and what to do if your lending practices result in disparate impact.
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