CFPB warnings of bias in AI could spook lenders : comparemel

Rohit Chopra, the director of the Consumer Financial Protection Bureau, has cautioned banks, credit unions and fintechs about fair-lending violations that may stem from reliance on artificial intelligence. His comments threaten to discourage financial firms from using the technology to crunch nontraditional data about borrowers, experts say.

Related Keywords

Eric Halperin , Christopher Willis , Eric Mogilnicki , Rohit Chopra , Stephen Hayes , Ballard Spahr , Sarah Silbiger Bloomberg , Lorelei Salas , National Credit Union Administration , Trustmark National Bank , Justice Department , Federal Reserve , Consumer Financial Protection Bureau , Covington Burling , Deposit Insurance Corp , Consumer Federation Of Americasuggesting , Office Of The Comptroller , Relman Colfax , Consumer Federation , Equal Credit Opportunity Act , Federal Deposit Insurance Corp , Digital Mortgages , Technology , Artificial Intelligence , Underwriting ,