Top US Consumer Watchdog Plots More Regulation for AI in Lending
- Consumer Financial Protection Bureau’s Rohit Chopra eyes risks
- He discussed pitfalls in wide-ranging interview in Washington
The top US consumer financial watchdog is sharpening his focus on lenders’ use of artificial intelligence when making credit decisions, signaling that fresh restrictions loom for financial firms.
Rohit Chopra, director of the Consumer Financial Protection Bureau, indicated that new regulation may be coming soon. The CFPB’s broad mandate means that everyone from banks to online lenders and mortgages-servicing firms could be affected.