Regulators Focused on Innovation

March 30, 2021

As part of its consumer protection mission, Congress tasked the Consumer Financial Protection Bureau (CFPB) with ensuring that markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation. One area the CFPB is monitoring is AI and machine learning (ML). Meanwhile, state regulators have started paying attention to how companies utilize technology as well. In 2020, the National Association of Insurance Commissioners (NAIC) unanimously adopted guiding principles that AI be fair, ethical, accountable and safe. 

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