Your bank’s algorithm may quietly be leading you into more debt

Research found that four in five credit-limit increases in the U.S. are initiated by banks, rather than requested by customers.
EurekAlert!

New research finds banks’ algorithms are driving Americans deeper into debt

New study from King’s Business School at King's College London and the Federal Reserve Board shows most credit-limit increases are automated, targeting borrowers already in debt. As shoppers across ...
FedScoop

CFPB urged by consumer groups to take action on banks’ use of algorithms

CFPB Director Rohit Chopra speaks during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, D.C., on June 13, 2023. (Photo by Michael A. McCoy/Getty Images) Two of the ...