The state banking commissioner criticized the online peer-to-peer lender’s tipping policies, failure to disclose tips and lack of lending and collections licenses in the state.
Banks and companies that use artificial intelligence to make loans agree with regulators that it should be tested for fairness. But they also say traditional loans could be just as biased.
Banks and companies that use artificial intelligence to make loans agree with regulators that it should be tested for fairness. But they also say traditional loans could be just as biased.
Edward Ed Rice is a financial lawyer at Steptoe Johnson PA in Retail and Consumer Financial Services, including Direct and Indirect Lending, Open-End and Closed-End, Marketplace Lending, Home Equity, Auto, Marine, Student Lending, and Unsecured Product Development