News Topic: Machine learning
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The dangers of using AI in hiring
Regulators should encourage adoption of fair-lending algorithms
Will regulators’ warnings chill lenders’ use of AI?
Florida credit union overhauls its fraud prevention with big assist from AI
BofA piles up patents as it focuses on machine learning
Bankers must recognize a new ‘standard of care’ in fair lending
AI in banking: Where it works and where it doesn't
Standard Chartered tests AI to size up young borrowers
The London bank is trying out new models that help it assess the creditworthiness of recent college graduates, and layering on software that analyzes the fairness of its credit decisions. ... Read full article
Morgan Stanley creates bot that does junior analysts' work — faster
The AskResearch virtual assistant helps the company's employees quickly find specific information buried in proprietary research to facilitate their work with clients. It's a creative solution to data-retrieval problems many banking companies ... Read full article
Agencies may issue information request on AI adoption, Fed official says
Federal Reserve Gov. Lael Brainard said regulators are seeking to "understand the potential benefits and risks" from utilizing artificial intelligence in the financial services sector. ... Read full article
Inside Amex's data-driven effort to personalize customer service
American Express has spent years refining a decision-making engine that can tailor products and services to cardholders' needs in real time. ... Read full article
Make sure math justifies machine learning-based lending decisions
Underpinning the technology with mathematically sound models can make a better case to consumers and regulators for why a loan applicant was denied. ... Read full article
Fresh off IPO, Upstart aims to push boundaries of AI-based lending
The online lender, which raised $240 million, wants to take its artificial intelligence technology for evaluating borrowers to the next level and expand its partnerships with banks, its CEO says. ... Read full article
CFPB extends comment period on overhaul of redlining law
The CFPB is giving stakeholders until Dec. 1 to file comments on a potential overhaul to its rules related to the Equal Credit Opportunity Act, which prohibits discrimination in credit and lending decisions. ... Read full article
Using AI to make secondary market for online consumer loans
Theorem is marketing its first-ever securitization of unsecured loans. It uses machine-learning technology to gauge the risk of default, a growing concern during the pandemic recession. ... Read full article
Banks, consumers groups to CFPB: Don’t rush overhaul of redlining law
The agency sought feedback on potential changes to the Equal Credit Opportunity Act. But a coalition of industry and advocacy groups want a longer comment period to afford “a greater opportunity for thoughtful public participation.” ... Read full article
OCC’s proposal rightfully directs banks to upgrade
The agency’s advance notice of proposed rulemaking, which would require banks to evolve with technology, shows foresight that policymakers too often lack. ... Read full article
OCC weighing major changes to its technology framework
The agency sought industry feedback on a host of potential changes to ensure that rules are “sufficiently flexible and clear in light of the technological advances that have transformed the financial industry over the past two decades." ... Read full article
Coronavirus scams are proliferating. Smart tech can stop them.
Artificial intelligence and machine learning are some examples of technology available now to help combat money launderers profiting from the pandemic. ... Read full article