PYMNTS.com July 18, 2024
Artificial intelligence (AI) is set to revolutionize finance and housing, bringing both game-changing benefits and thorny new risks that demand vigilant oversight, a bipartisan House panel has concluded.
The House Financial Services Committee’s AI Working Group, established in January by Chairman Patrick McHenry, R-N.C., and Ranking Member Maxine Waters, D-Calif., examined AI’s impact on finance through a series of roundtables with regulators, market participants and consumer advocates.
In a report released Thursday (July 18), the group highlighted AI’s potential to expand access to credit, enhance fraud detection and improve customer service. However, it also warned of challenges around data privacy, potential bias in algorithmic decision-making and the need to ensure AI systems comply with existing laws.
“As consumers and businesses...
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