The six biggest banks are expected to issue disappointing forecasts as rates continue to decline; technology stock mutual funds scored with payment plays.
The agency says the "disparate impact" standard needs to be amended to align with a recent Supreme Court ruling. But consumer advocates say the change would make it more difficult for borrowers to allege discrimination under the Fair Housing Act.
Agencies like Fincen and Finra that use machine learning must pay close attention to potential bias in supervisory algorithms, especially with data on women and minorities.
Under a proposal yet to be officially unveiled, plaintiffs relying on the so-called “disparate impact” doctrine would have to show a more direct link between a lender’s policy and discriminatory effect.
Eric Blankenstein, now at HUD, is under fire for asking a subordinate to defend him after it was revealed he wrote racially charged blogs 14 years earlier.
The bill, similar to legislation that passed the chamber last year, would permit the inclusion of items such as rent and telecom payments to help consumers build their credit profiles.
After years of largely standing on the sidelines, lawmakers are taking a closer look at whether algorithms used by banks and fintechs to make lending decisions could make discrimination worse instead of better.
The mortgage agency has hired Eric Blankenstein, who sparked controversy while at the consumer bureau over past revelations of racially charged writings.
Democratic presidential candidate Pete Buttigieg said the way credit scoring is done in the U.S. is fraught with inequality and he's worried the process may get worse with systems based on artificial intelligence.
