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Fed banking regulator warns A.I. could lead to illegal lending practices like excluding minorities
The Federal Reserve’s top banking regulator expressed caution Tuesday about the impact that artificial intelligence can have on efforts to make sure underserved communities have fair access to housing. Michael S. Barr, the Fed’s vice chair for supervision, said AI technology has the potential to get credit to “people who otherwise can’t access it.” However, he noted that it also can be used for nefarious means, specifically to exclude certain communities from housing opportunities through a process traditionally called “redlining.” “While these technologies have enormous potential, they also carry ... (full story)