House to hold hearing on artificial intelligence

Ballard Spahr LLP

Ballard Spahr LLP

On February 12, 2020, the House Financial Services Task Force on Artificial Intelligence will hold a hearing titled, “Equitable Algorithms: Examining Ways to Reduce AI Bias in Financial Services.”

The Committee Memorandum flags a number of issues that could be the focus of comments and questions from lawmakers.  Those issues include the potential for data sets used in AI to “contain errors, [be] incomplete, and/or contain data that reflects societal or historical inequities,” challenges in applying the existing legal framework (ECOA, FHA, FCRA) to AI technologies, and risks of “regulatory sandboxes.”  Also mentioned in the memorandum is  “educational redlining,” which was the subject of a recent report by the Student Borrower Protection Center.  The term “educational redlining” refers to the claim that the use of education data in credit underwriting, such as whether a prospective borrower attended “a community college, an Historically Black College or University, or an Hispanic-Serving Institution,” results in higher costs to minority borrowers.

The scheduled witnesses are:

  • Dr. Philip Thomas, Assistant Professor and co-director of the Autonomous Learning Lab, College of Information and Computer Sciences, University of Massachusetts Amherst
  • Dr. Makada Henry-Nickie, David M. Rubenstein Fellow, Governance Studies, Race, Prosperity, and Inclusion Initiative, Brookings Institute
  • Dr. Michael Kearns, Professor and National Center Chair, Department of Computer and Information Science at the University of Pennsylvania
  • Bärí A. Williams, Attorney and Emerging Tech AI & Privacy Advisor

We have been closely following developments concerning the use of AI by providers of consumer financial services and discussed such use in three of our recent podcasts which can be accessed by clicking here, here and here.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ballard Spahr LLP | Attorney Advertising

Written by:

Ballard Spahr LLP

Ballard Spahr LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.