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Executive Order 14091 Strengthens Equity for Federal Agencies

President Biden issued Executive Order 14091: Further Advancing Racial Equity and Support for Underserved Communities Through Federal Government EO, directs federal agencies to undertake additional efforts to advance equity initiatives. EO targets underserved communities.
United States White House District Of Columbia Equitable Data Working Group White House Steering Committee On Equity Agency Equity Teams

Federal Regulators' Artificial Intelligence Initiative Is a Promising Development for Financial Industry (Update) | Davis Wright Tremaine LLP

To embed, copy and paste the code into your website or blog: Update: On May 17, 2021, the agencies extended the deadline for comments from June 1, 2021, to July 1, 2021. The text of this post has been updated accordingly. The federal financial institutions regulatory agencies collectively issued a Request for Information and Comment (RFI) on March 31, 2021, to better understand how artificial intelligence (AI) and machine learning (ML) are used in the financial services industry and identify ar...
United States Lael Brainard Consumer Financial Protection Bureau National Credit Union Administration Deposit Insurance Corporation Bank Secrecy

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AI in Credit Decision-Making Is Promising, but Beware of Hidden Biases, Fed Warns | Lowenstein Sandler LLP

To embed, copy and paste the code into your website or blog: As financial services firms increasingly turn to artificial intelligence (AI), banking regulators warn that despite their astonishing capabilities, these tools must be relied upon with caution. Last week, the Board of Governors of the Federal Reserve (the Fed) held a virtual AI Academic Symposium to explore the application of AI in the financial services industry. Governor Lael Brainard explained that โ€œparticularly as financial serv...
Pratin Vallabhaneni Lael Brainard Carola Evans Kathleen Ryan Westra Miller Equitable Outcomes In Financial Services Jan

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