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The Consumer Financial Protection Bureau today said that they are closely monitoring how servicers conduct themselves to help borrowers avoid foreclosures. ....
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. ....
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. ....