FinRegLab presents a webinar with diverse leading voices from the federal regulatory community on the use of artificial intelligence in credit underwriting. The event focuses on regulators’ perspectives in relation to explainability and fairness in consumer and small business credit underwriting models where all credit stakeholders – lenders, advocates, and policymakers – are considering the implications of a broad transition to AI-based underwriting.
The webinar is moderated by FinRegLab CEO Melissa Koide and includes the following participants:
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Carol Evans, Associate Director, Division of Consumer and Community Affairs, the Federal Reserve Board
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Patrice Ficklin, Director, Office of Fair Lending & Equal Opportunity, Consumer Financial Protection Bureau
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Jonathan Miller, Deputy Director for Policy and Analytics, Division of Depositor and Consumer Protection, Federal Deposit Insurance Corporation
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Donna Murphy, Deputy Comptroller, Compliance Risk Policy, Officer of the Comptroller of the Currency
Regulators are having to both shape and adapt to the new technical and economic realities of AI in financial services. Although regulators have extensive pre-existing frameworks and guardrails to help ensure these technologies are safely and fairly applied in uses like credit underwriting, questions remain over how technologies like machine learning models operate, how they treat data, and how they may affect financial inclusion and fairness. In this session, we explore regulatory perspectives on both the opportunities and risks AI in financial services represents and what technical and market-oriented questions remain, especially from the standpoint of leveraging technology to be more inclusive of underserved populations in the formal economy through access to credit.