Biden’s AI Order Pushes Bank Regulators to Curb Bias: Explained

President Joe Biden’s new artificial intelligence executive order will boost efforts underway at federal banking, consumer finance, and housing regulatory agencies to police uses of the new technology for discrimination and privacy violations.

The Federal Reserve, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau are monitoring how banks and other lenders use AI in loan decisions, looking out for potential fair lending violations. The CFPB is also focused on the unwitting use of customers’ financial data to feed the generative learning tools used to build AI models.

Biden’s order ...