As concerns grow over increasingly powerful artificial intelligence systems like ChatGPT, the nation’s financial watchdog says it’s working to ensure that companies follow the law when they’re using AI.
Already, automated systems and algorithms help determine credit ratings, loan terms, bank account fees, and other aspects of our financial lives. AI also affects hiring, housing and working conditions.joint statement on enforcement“There’s this narrative that AI is entirely unregulated, which is not really true,” he said. “They’re saying, ‘Just because you use AI to make a decision, that doesn’t mean you’re exempt from responsibility regarding the impacts of that decision.
Consumer Finance Protection Bureau Director Rohit Chopra said the agency has “already started some work to continue to muscle up internally when it comes to bringing on board data scientists, technologists and others to make sure we can confront these challenges” and that the agency is continuing to identify potentially illegal activity.
Under the Fair Credit Reporting Act and Equal Credit Opportunity Act, for example, financial providers have a legal obligation to explain any adverse credit decision. Those regulations likewise apply to decisions made about housing and employment. Where AI make decisions in ways that are too opaque to explain, regulators say the algorithms shouldn’t be used.
Burrows also described ways that algorithms might dictate how and when employees can work in ways that would violate existing law.
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