In response to a request for information by Representative Maxine Waters and House Financial Service Committee members, the National Consumer Law Center submitted comments on the application of consumer protection law to use of AI in the financial marketplace. Our comments:
- highlight critical consumer protections principles that should apply to use of AI throughout consumer financial services and products;
- respond to specific questions regarding the intersection of AI and explainability standards, underwriting decisions, bank account access, tenant protections, Proptech, and fair lending;
- include links to prior reports, testimony, and comments relevant to committee members’ questions about AI and consumer protection.
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