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The Consumer Financial Protection Bureau is examining whether artificial intelligence discriminates against minorities and other applicants. But GreenState Credit Union in Iowa says the technology can be harnessed to make lending fairer in underserved communities.
To ensure authenticity, Community First Credit Union had its AI-powered voice system learn by communicating with Spanish-speaking employees who could teach it local terms and mannerisms.
The state's Treasurer's office is urging lenders to make loans to cover the steep costs of adoption. Participating credit unions get an extra incentive by being permitted to accept deposits from public institutions — a perk typically enjoyed only by banks.
Credit unions were unable to garner enough support for a bill that would allow them to hold funds for government agencies in the Centennial State.
Two years since the coronavirus began its spread, members are still hoarding savings and are hesitant to borrow due to the economic uncertainty. This has led to the industry's lowest-ever yield-on-assets ratio — a key metric for measuring financial health.