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May 30, 2023

Regulators take aim at AI to protect consumers, workers

  • In the past year, the government has fined banks over mismanaged automated systems that resulted in wrongful home foreclosures, car repossessions and lost benefit payments.
    • By CORA LEWIS
    Associated Press

    NEW YORK — As concerns grow over increasingly powerful artificial intelligence systems like ChatGPT, the nation's financial watchdog says it's working to ensure that companies follow the law when they're using AI.

    Already, automated systems and algorithms help determine credit ratings, loan terms, bank account fees, and other aspects of our financial lives. AI also affects hiring, housing and working conditions.


     
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