On the Monday after your graduation from FSU College of Law Juris Master program, your bank's CEO and General Counsel call you into a meeting at which they congratulate you on your accomplishment and promote you to Compliance Officer. You barely get a chance to express your excitement for the promotion before the General Counsel switches gears to discuss your first assignment as Compliance Officer. In March 2022, the CFPB updated its UDAAP examination manual to address and target discriminatory practices. A recent CFPB blog identified "the widespread and growing reliance on machine learning models throughout the financial industry and their potential for perpetuating biased outcomes". The CFPB has stated it intends to scrutinize the practices and procedures a financial institution has in place to prevent discrimination in relation to all consumer financial products and services offered. Assignment The General Counsel has asked you to make an 8-12 minute (no longer than 15 minutes) presentation to the Board of Directors related to the updated UDAAP manual. Specifically, she wants you to discuss: The purpose behind the updated UDAAP exam manual Include any relevant statistics or examples cited by the CFPB that prompted the update. Outline the changes that were made