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CFPB | RIN: 3170-AB03 | Publication ID: Spring 2021 |
Title: Artificial Intelligence | |
Abstract:
Financial institutions are increasingly exploring deployment of artificial intelligence (AI), including a subset of AI, machine learning (ML), across a range of functions affecting consumers and small businesses. Although use of AI holds the potential to expand credit access to underserved consumers, use of such technologies may also hold risks, including risks of unlawful discrimination and lack of transparency. There may also be uncertainty about how use of AI, as well as the data powering AI systems, fit within the Bureau’s consumer financial services statutes and regulations. Issues concerning the use of AI and how it may apply in the context of the Bureau’s consumer financial services statutes and regulations were raised in response to the Bureau’s 2017 Request for Information Regarding Use of Alternative Data and Modeling Techniques in the Credit Process, the Bureau’s 2018 Calls for Evidence, the Bureau’s 2020 Adverse Action Tech Sprint, the Bureau’s 2020 Request for Information on the Equal Credit Opportunity Act and Regulation B, and in other outreach. The Bureau recognizes the importance of continuing to monitor the use of AI and is evaluating whether rulemaking, a policy statement, or other Bureau action may become appropriate. |
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Agency: Consumer Financial Protection Bureau(CFPB) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Long-Term Actions |
Major: Undetermined | Unfunded Mandates: No |
CFR Citation: Not Yet Determined (To search for a specific CFR, visit the Code of Federal Regulations.) | |
Legal Authority: Not Yet Determined |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: Undetermined |
Small Entities Affected: Businesses | Federalism: Undetermined |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Kathryn Lazarev Office of Regulations Consumer Financial Protection Bureau Washington, DC 20552 Phone:202 435-7700 |