Consumer advocates note potential for AI to improve fairness in lending, push CFPB for guidance

The Consumer Financial Protection Bureau should take advantage of provisions in the landmark executive order on artificial intelligence to publish written guidance on how lenders might use the technology to balance fairness and accuracy in their decisions, according to leading consumer advocates.

“Because AI and big data can potentially better serve credit invisibles, the lack of guidance leads to inaction by many in the market and therefore, is a roadblock for the market to advance greater financial inclusion,” reads ...