Michael Barr has become the latest regulator urging caution on the use of artificial intelligence. In a speech Tuesday (July 18), Barr — the Federal Reserve’s Vice Chair for Supervision — said that while artificial intelligence (AI) has the potential to expand credit to people...
September 19, 2023
The Consumer Financial Protection Bureau (CFPB) has released guidance for lenders who utilize artificial intelligence (AI) and complex models in their credit decision-making processes. The guidance emphasizes the need for lenders to provide specific and accurate explanations when making credit denials, the regulator said in a Tuesday (Sept. 19) press release. With the growing use of advanced algorithms and personal […]
July 19, 2023
Michael Barr has become the latest regulator urging caution on the use of artificial intelligence. In a speech Tuesday (July 18), Barr — the Federal Reserve’s Vice Chair for Supervision...
