Relates to the use of automated lending decision-making tools by banks for the purposes of making lending decisions; allows loan applicants to consent to or opt out of such use.

This bill allows banks to use automated tools to help make decisions about lending money. It gives loan applicants the choice to either agree to the use of these tools or to opt out if they prefer a different method for assessing their loan applications.

Supporters of the bill argue that it empowers consumers by giving them control over how their loan applications are evaluated. They believe that allowing applicants to consent or opt out of automated decision-making can lead to more personalized lending practices and increased transparency in the banking process.

Critics of the bill may argue that automated lending tools can lead to biased decisions and discrimination against certain groups. They might express concern that simply allowing applicants to opt out does not address the underlying issues of fairness and accountability in automated lending systems.