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Regulators will need to adapt their application of the Fair Housing Act and Equal Credit Opportunity Act to deal with technological change and other developments as the financial system evolves, Federal Reserve Vice Chair for Supervision Michael Barr said.
New Technologies: At an event in Washington, Barr said the digital economy has produced alternative data sources for creditworthiness while artificial intelligence offers potential to leverage the new data to expand access to credit. He warned, however, that these technologies also pose risks of violating fair lending laws and perpetuating disparities.
CFPB Report: In a recent report to Congress, the Consumer Financial Protection Bureau earlier this month indicated it will focus on the use of AI in loan underwriting and will take enforcement action if algorithmic underwriting models create a disparate impact on borrowers.
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With Sens. Richard Durbin (D-Ill.) and Roger Marshall (R-Kan.) working to attach their controversial credit card routing restrictions to the pending National Defense Authorization Act, the Independent Community Bankers of America (ICBA) today released new polling results showing voters oppose the policy change.
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Jul 23, 2023
ICBA said it strongly and emphatically supports the Federal Deposit Insurance Corporation’s proposed rule to exempt community banks with less than $5 billion in uninsured deposits from its special assessment following the failures of Silicon Valley Bank and Signature Bank of New York.
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Jul 21, 2023
ICBA community banker Thomas Fraser—CEO of First Mutual Holding Co. in Lakewood, Ohio—testified on deposit insurance reform before the Senate Banking Committee on behalf of his banks.
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Jul 21, 2023
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