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American Financial Services Association

May White Paper | Algorithms, AI, and Automated Decisionmaking

May White Paper | Algorithms, AI, and Automated Decisionmaking

AFSA’s State Government Affairs team published it’s May white paper focusing on algorithms, artificial intelligence, and automated decisionmaking.

Artificial intelligence (AI) and algorithms have transformed numerous industries, including financial services. The financial services industry uses AI and algorithms in numerous ways to improve efficiency and reduce bias, such as in the credit underwriting process. In recent years, the use of algorithms and artificial intelligence have been the subject of legislative and regulatory scrutiny by federal, state and local policymakers.

The white paper takes a deep dive into recent legislation governing the use of AI and algorithms, with a focus on the District of Columbia and states like California. In addition, the white paper describes recent actions by the White House and federal agencies like the Consumer Financial Protection Bureau governing the use of these tools.

This paper, along with SGA’s other white papers, can be found on the SGA resources section of AFSA’s website.

May 2nd, 2023 by

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