Last week, the DOJ settled a groundbreaking case against Meta Platforms (formerly Facebook) based on allegations of what it described as "algorithmic discrimination" under the Fair Housing Act. The Consumer Financial Protection Bureau (CFPB) has made clear that it also intends to target algorithmic discrimination and the use of artificial intelligence by financial institutions. In this video, Jeffrey Alberts, co-chair of Pryor Cashman's Financial Institutions Group, discusses how financial institutions are relying on artificial intelligence, the difficulties that this can create with the CFPB, and what financial institutions and FinTechs should do now to ensure that their use of algorithms complies with consumer protection law.
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