Federal Agencies Issue Joint Statement on Potential for Unlawful Bias and Discrimination in Automated Systems

On April 25, officials from the Federal Trade Commission (FTC), the Civil Rights Division of the U.S. Department of Justice (DOJ), the Consumer Financial Protection Bureau (CFPB), and the U.S. Equal Employment Opportunity Commission (EEOC) (together, the Agencies) issued a joint statement warning against the potential for automated systems, including artificial intelligence (AI), used in credit decisions, housing, and employment opportunities to “perpetuate unlawful bias,” “automate unlawful discrimination,” and produce other “harmful outcomes.” To combat these perceived risks, the Agencies resolve to monitor the development and use of automated systems and promote responsible innovation while underscoring that “[e]xisting legal authorities apply to the use of automated systems and innovative new technologies just as they apply to other practices.”

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CA DFPI announces new Debt Collection Advisory Committee

SACRAMENTO, Calif -- In 2021 the Department of Financial Protection and Innovation (DFPI) announced the formal creation of its Debt Collection Advisory Committee, a seven-member board that would provide critical feedback to the Department.  As the first 2-year term (2021-2023) comes to a close a new committee has been appointed for the 2023-2025 term.

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CFPB Pushes the ECOA Coverage Envelope Again

The CFPB has filed a Statement of Interest in a case pending before a Florida federal district court in which the plaintiffs allege that the defendant engaged in discriminatory targeting in violation of the Equal Credit Opportunity Act (ECOA).

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Harris & Harris, LTD. Announces Addition to Executive Leadership Appoints David Peters to Chief Operating Officer

CHICAGO, Ill. -- Leading accounts receivable management company, Harris & Harris LTD. is excited to announce the appointment of David Peters to the role of Chief Operating Officer. This addition to the Harris & Harris senior leadership team shows the continued investment in elevating our talent by introducing seasoned executives with diverse professional experience.

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Senior Compliance Advisor, Debra Ciskey Joins ARM Compliance Business Solutions, LLC.

BIRMINGHAM, Ala. -- ARM Compliance Business Solutions is excited to announce that Debra Ciskey has joined the company as a Senior Compliance Advisor. In this role, Debra will navigate ARM Compliance Business Solutions’ clients through the ever-changing regulatory compliance requirements of consumer financial laws by enhancing their Compliance Management System through policy development and implementation, training development, service provider oversight, audit controls and risk assessments.

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Credit Eco to Go: Jumping Head First into 1033 [Podcast]

Section 1033 of Dodd-Frank authorized the #CFPB to write rules around personal financial data rights. Former CFPB Assistant Director, Corey Stone, joins the podcast to discuss the goals of 1033 and whether the proposals went far enough.

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How the Call Center Has to Evolve

21 June 2023 at 02:00 p.m.

Regulation F drove collections companies to integrate text messages and emails into their collections strategies. But even with the addition of those outbound strategies, there will always be consumers who prefer using telephone calls to communicate about their debt, and the collections call center has had to adjust to become more efficient in collecting via telephone.

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