Banks continue to increase their use of AI and machine learning in customer service, underwriting, and lending operations. Compliance risk increases when banks fail to recognize and appropriately manage the fair lending risk associated with these models.
Office of the Comptroller of the Currency’s Post
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Everything should be assessed before being implemented. Read again, everything should be assessed before being implemented. Preventive strategies are always safer and effective.
Banks continue to increase their use of AI and machine learning in customer service, underwriting, and lending operations. Compliance risk increases when banks fail to recognize and appropriately manage the fair lending risk associated with these models.
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Banks continue to increase their use of AI and machine learning in customer service, underwriting, and lending operations. Compliance risk increases when banks fail to recognize and appropriately manage the fair lending risk associated with these models.
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I feel you could potentially utilize AI to monitor for Fair Lending by analyzing communications across platforms, documents, complaints, etc. for trigger language, missing information, trends/patterns in rates, fees, etc. just a few initial thoughts I’ve had when thinking how technology could be used to analyze large volumes of information - while highlighting the OCC’s point of understanding all risks is crucial for success and not creating other potential issues