Democratic Senators Elizabeth Warren and Doug Jones have sent a letter to the CFPB, Federal Reserve, OCC, and FDIC expressing concern that fintech and traditional lenders using algorithms in their underwriting processes may be engaging in unlawful discrimination. (Such algorithms are often referred to as “artificial intelligence.”)
In their letter, the Senators reference research results showing that “the algorithms used by FinTech lenders are as discriminatory as loan officers.” … Continue Reading