Daily083021

2024-03-13T14:56:05-04:00August 30th, 2021|2- Daily Briefing|

FRB Staff Paper: Regulators Should Approach AI/ML with Caution Due to Discrimination Risk
A new FRB staff paper takes on the question of whether artificial intelligence/machine learning will, as its advocates believe, enhance financial inclusion and racial equity or just make continuing, “analog” discrimination still worse due to increased opacity and model error.

OCC, DOJ Ramp Up Fair-Lending Enforcement
Following through on Acting Comptroller Hsu’s pledge to increase fair-lending enforcement (see Client Report REFORM205), the OCC today fined Cadence Bank, a small regional bank, $3 million for Fair Housing Act violations deemed to constitute redlining.

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