Artificial Intelligence in Consumer Banking: Urging CFPB and FHFA for Regulatory Guidance

Monday, 30 September 2024, 03:00

Artificial intelligence is reshaping consumer banking, and advocates are urging the CFPB and FHFA for crucial AI guidance. The National Community Reinvestment Coalition and several fintechs have called for immediate action regarding regulation and compliance in this evolving sector. Addressing these needs could pave the way for beneficial applications of machine learning in financial services.
Americanbanker
Artificial Intelligence in Consumer Banking: Urging CFPB and FHFA for Regulatory Guidance

Background on AI in Consumer Banking

The rise of artificial intelligence in consumer banking has the potential to revolutionize services.

The Call for Guidance

  • The National Community Reinvestment Coalition is advocating for new rules.
  • Fintechs support the need for clarity on regulation and compliance.
  • Agencies like CFPB and FHFA are being urged to respond to the White House's executive order on AI.

Potential Implications

Without proper guidance, consumer banking may face operational challenges. The integration of AI is crucial, but it must be accompanied by responsible regulations to protect consumers.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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