American Banker, September 30, 2024, Consumer Advocate, Fintechs Urge CFPB, FHFA To Adopt AI Guidance
The National Community Reinvestment Coalition and four fintech companies are urging the Consumer Financial Protection Bureau and the Federal Housing Finance Agency to provide guidance on the use of machine learning and artificial intelligence in lending, which they claim would help eliminate discrimination.
In a letter to the regulators obtained exclusively by American Banker, the consumer advocacy group and the companies — Zest AI, Upstart, Stratyfy and FairPlay — asked for recommendations on how the agencies can implement the White House’s executive order on AI that was released last year. One suggestion is for the CFPB to provide guidance on the “beneficial applications” of AI and machine learning to develop fairer underwriting models.
