In this episode of the Consumer Finance Podcast, Chris Willis, co-leader of Troutman Pepper Locke's Consumer Financial Services Regulatory practice, delves into the current state of machine learning and artificial intelligence (AI) models in underwriting and fraud detection. Chris provides an overview of the regulatory expectations set by the Consumer Financial Protection Bureau, including the historical context and recent developments. He discusses the importance of fair lending considerations, the use of less discriminatory See more +
In this episode of the Consumer Finance Podcast, Chris Willis, co-leader of Troutman Pepper Locke's Consumer Financial Services Regulatory practice, delves into the current state of machine learning and artificial intelligence (AI) models in underwriting and fraud detection. Chris provides an overview of the regulatory expectations set by the Consumer Financial Protection Bureau, including the historical context and recent developments. He discusses the importance of fair lending considerations, the use of less discriminatory alternative analysis, and the skepticism around certain types of alternative data. Chris also explores the potential impact of state regulations and the need for a long-term approach to fair lending risk. Tune in to stay informed about the evolving landscape of AI and machine learning in consumer finance. See less -
