In this article, the authors discuss the increasing role of
artificial intelligence (AI) in consumer lending (focusing on the
risks it presents), assess how the Consumer Finance Protection
Bureau has approached these risks compared to other federal
agencies, and provide recommendations for banks that use AI in
consumer lending on reducing the risks associated with AI.
Over the last several decades, banks have increasingly used
algorithms to assist with underwriting consumer […]
Artificial Intelligence In Consumer Lending: Addressing AI-Related Risks