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Banks' algorithms can reinforce existing biases in loan underwriting, advertising, US CFPB's Chopra says

( December 10, 2021, 20:06 GMT | Official Statement) -- MLex Summary: Rohit Chopra, head of the US Consumer Financial Protection Bureau, expressed concern that banks and lenders are quickly turning lending and advertising decisions over to algorithms that can exacerbate biases fed into them. "If we want to move toward a society where each of us has equal opportunities, we need to investigate whether discriminatory black box models are undermining that goal," he said. Statement follows below:...

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