Upstart, an AI Lender, Says It Received SEC Subpoena

Financial technology lender Upstart Holdings Inc. has been subpoenaed by Wall Street’s main regulator about disclosures, including its artificial intelligence models and loans, the company said Wednesday.

Upstart, which uses AI for underwriting, said it is cooperating with the Securities and Exchange Commission after having received the subpoena on Nov. 17. The company is “unable to predict the outcome of this matter,” Upstart said in a securities filing.

A spokesperson said the company didn’t have any further comment.

The SEC is one of multiple agencies scrutinizing companies’ use of AI, having proposed restrictions last year.Other financial regulators have ...