The Biden administration is warning lenders that they need to give specific reasons for taking negative action against borrowers, and cannot rely on artificial intelligence.
Thethis week warned that creditors cannot use artificial intelligence to be exempt from giving reasons for denying consumers credit — marking the latest instance of government grappling with how AI coincides with regulation.
Signage is seen at the Consumer Financial Protection Bureau headquarters in Washington, D.C., U.S., May 14, 2021. The regulatory agency said that creditors cannot therefore deny credit or take adverse actions by pointing to broad term like "purchasing history" — instead they must reflect specific behaviors that led to the move, even if it upsets or angers customers if it not directly linked to their finances.
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