In a recent episode of the Consumer Finance Monitor Podcast, Brad Blower, Principal and Founder of Inclusive-Partners LLC, discussed the potential for the Consumer Financial Protection Bureau (CFPB) to advance the use of artificial intelligence (AI) in consumer financial services. Blower highlighted the lack of clear guidance from the CFPB on the non-discriminatory use of AI and explored possible reasons for the agency’s hesitance to provide more specific guidance.
Blower and Alan Kaplinsky, Senior Counsel in Ballard Spahr’s Consumer Financial Services Group, identified specific areas where additional guidance from the CFPB could be beneficial. They also discussed potential steps the CFPB could take to address the lack of clarity surrounding AI in financial services. The conversation concluded with a discussion on industry efforts to achieve fairness in AI use and the CFPB’s likely actions in the coming year to address fairness concerns.
The podcast episode provides insights into the current state of AI in consumer financial services and highlights the need for clearer guidance from the CFPB.
