#Lending is an OLD industry, and it needs constant innovation and re-evaluation; I think most of us would agree there's a lot of room for improvement. Access to affordable credit at the right time can be life-changing for a borrower...unfortunately, the same can be said about a loan default. At Upstart, we operate some of the #fintech industry's most advanced #AI models, and we constantly search, test and measure how #alternative model versions can help us expand the frontiers of BOTH #equity (fairness) and #accuracy. A great deep-dive is posted below on this critical topic by Penny Crosman in American Banker. I also want to acknowledge the thoughtful work of so many in this space over the past four years, both at Upstart (past and present) and in the DC policy community. h/t: Paul Thornell, Alison Nicoll, Scott Darling, Scott G Weber, Jessica Wetstone, Enguerrand Horel, Stephen Hayes, Kareem Saleh, Laura Kornhauser, Brad Blower, Adam Rust, P-R Stark, Nick Schmidt, Larry Bradley, Phil Goldfeder, Nicole A. Elam, Esq. Louis Caditz-Peck, Michael Akinwumi, Andrew Kovacs Dominik Mjartan Annie Delgado and of course the entire MoreThanFair #Community.
MoreThanFair
民间和社会团体
A community of organizations dedicated to improving access to affordable and inclusive credit in the United States.
关于我们
More Than Fair is a community of organizations dedicated to improving access to affordable and inclusive credit for American consumers and small businesses. While access to credit hasn’t improved materially in several decades, we believe that modern technology and data science can now make lending more inclusive, more transparent, and more fair. Achieving that promise requires a collaborative effort by the private and public sector to ensure that models are properly supervised and rigorously tested under a well-understood framework. With a focused effort, real and lasting progress is possible.
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morethanfair.com
MoreThanFair的外部链接
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- 民间和社会团体
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- 合营企业
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Today, the MoreThanFair community came together once again in Washington, D.C., to discuss President Biden’s AI Executive Order and its untapped potential. #AI can play a vital role in reducing bias and advancing fairness. MTF members are continuing to work toward a future where #credit is fair and accessible to all. More to come! American Fintech Council, Credit Builders Alliance, National Bankers Association, National Community Reinvestment Coalition - NCRC, National Consumer Law Center, Prosperity Now, UnidosUS (@WeAreUnidosUS), Camino Financial, Cross River, Esusu, LendingClub, Oportun, SolasAI, Stratyfy, Upstart, Zest AI. ?? morethanfair.com
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Last week, the The White House released its progress report on the?#AI Executive Order. Despite the momentum, there’s still more work to be done – especially in fair #lending. This week, MoreThanFair will convene to discuss how we can partner with Consumer Financial Protection Bureau and Federal Housing Finance Agency to further enhance access to #inclusive #credit. More updates to come!?
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At MoreThanFair, we’re watching the increasing adoption of #AI tools and risk models in many parts of the #credit industry. The proof points are emerging here, there, and everywhere, (see links below) that AI tools can make consumer #lending far more fair, #inclusive, and accurate. But as leaders like Kareem Saleh at FairPlay AI and Laura Kornhauser at Stratyfy have pointed out, adoption of fairer AI models among traditional lenders remains too slow given the extent of existing #bias in the traditional credit system. Why? It's in part because consumer finance is highly regulated and traditional lenders aren't always sure how regulators will feel if they make a switch or add a new AI lending capability—even where it is both fairer and more accurate than their status quo approach. Fortunately, the recent The White House Executive Order on fair and responsible AI made an important recommendation that could address this challenge. The Executive Order asks the Consumer Financial Protection Bureau and the Federal Housing Finance Agency to consider requiring regulated entities like lenders to use all appropriate methods, including AI tools, to address and minimize existing #discrimination and #bias in housing and lending. (You can read the full order here: https://lnkd.in/g6znVHmv) With the right regulatory clarity on the use of AI tools, and the requirement that lenders adopt the fairest option available, consumer lending can be changed for the better FAST. It can evolve from an industry where the wrong #creditscore can leave you ineligible for mainstream credit to one where everyone has the best possible chance of being approved for a fairly priced loan—one that won't drown them in unsustainable debt. MoreThanFair will host a forum about this opportunity for the CFPB and FHFA on May 8. If you’d like to join the discussion, please reach out to us at morethanfair.com. [1] https://lnkd.in/gSAA6_cB [2] https://lnkd.in/gvG_ZxGq [3] https://lnkd.in/gEvbZpHf [4] https://lnkd.in/gygd7aDf American Fintech Council National Bankers Association National Consumer Law Center Prosperity Now UnidosUS (@WeAreUnidosUS) Camino Financial Community Investment Management Cross River Commonwealth Credit Union Esusu LendingClub Opportun SolasAI Zest AI
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