CFPB’s scrutiny of AI in banking could help bring much-needed clarity

  • “The Consumer Financial Protection Bureau (CFPB) is signaling that it will clamp down on artificial intelligence (AI) practices in banking that can be used to discriminate against people, per American Banker.
  • Clear guidance will help banking players employ AI in ways that lower bias risks—and gain people’s trust in the process—while coupling it with the advantages that the technology offers.”

CFPB Director Highlights Benefits of AI to Expand Credit Access

  • “The Consumer Financial Protection Bureau wants to spur innovation in the use of artificial intelligence and machine learning in financial services, CFPB Director Kathleen Kraninger said today.
  • ‘uncertainty about how AI fits into these different regulatory frameworks may be hindering adoption of this technology, especially for credit underwriting.'”

Kathleen Kraninger


Consumer Financial Protection Bureau