NEW YORK, NY (September 14, 2017) — There are all sorts of legal and technical issues about how lending rules apply to the new breed of online lenders, but here’s a more fundamental one: How sure are they their automated technology is colorblind?
Even if a company has the best intentions of following fair-lending principles, it’s debatable whether the artificial intelligence engines that online lenders typically use —and that banks are just starting to deploy — are capable of making credit decisions without inadvertently lending in affluent sections and not in minority neighborhoods."
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