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The National Community Reinvestment Coalition and four fintech companies are advocating for the Consumer Financial Protection Bureau and the Federal Housing Finance Agency to establish guidelines on the use of artificial intelligence in lending. They argue that such guidance could help eliminate discrimination in lending practices. Their letter emphasizes the potential of AI to create fairer underwriting models and increase access for previously excluded consumers.
The fintechs involved, including Zest AI, Upstart, Stratyfy, and FairPlay, are part of a council focused on financial inclusion. They highlight that AI can responsibly develop underwriting models that comply with anti-discrimination laws. However, there are concerns about the potential misuse of AI, emphasizing the need for transparency in how these models operate.
• Fintechs urge regulators to adopt AI guidance for fair lending practices.
• AI models can help score previously excluded consumers for loans.
The letter discusses how machine learning can be used to develop fairer underwriting models in lending.
The article emphasizes the role of AI in potentially eliminating discrimination in lending.
The letter suggests that AI can create more inclusive underwriting models that comply with anti-discrimination laws.
Zest AI is mentioned as one of the companies advocating for AI guidance in lending.
Upstart is highlighted for its role in promoting the use of AI for fair lending practices.
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