Is Your AI Racist? This Lawmaker Wants To Know
Is your AI racist? This lawmaker wants to know
WASHINGTON — The question of whether an algorithm making underwriting decisions can be racially biased has long gnawed at lenders fearful of inadvertently running afoul of consumer protection laws. Now, the question has sparked interest from Congress.
“Fintech has been accepted pretty much as a positive impact even by” the Consumer Financial Protection Bureau, Rep. Emanuel Cleaver II, D-Mo., said in an interview. But “if we’re not careful, we will develop a system that almost institutionally ignores and maybe even hurts small and minority businesses.”
“People tend to develop things from their own way of thinking and their own world,” said …