Bank Regulators Eye Updated Guidance To Fight Bias In AI

By Al Barbarino (October 21, 2021, 11:00 PM EDT) -- Regulators and legal experts called for collaboration between federal and state entities to address the use of artificial intelligence in financial services on Thursday, as they catch up with the latest advances, weigh potential new industry guidance and seek to prevent discriminatory practices.

Speaking at a webcast hosted by the New York City Bar Association, leaders with both the Office of the Comptroller of the Currency and the New York State Department of Financial Services talked about their goals as they look to update guidance on AI and so-called machine learning for the banking and insurance sectors.

They called for collaboration...

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