Fair Lending and AI
As the use of artificial intelligence in the financial industry continues to grow, it is important to ensure that these technologies meet fundamental fair lending principles aimed toward preventing discrimination on the basis of characteristics such as race, ethnicity, and gender. AI can play a powerful role in achieving this goal. However, it is crucial to consider the ethical implications of using AI in the lending process and to ensure that it is designed and deployed in a responsible manner and aligned with the concepts outlined on this website. MoreThanFair has identified the National Institute of Standards and Technology, the White House, and the National Fair Housing Alliance as currently proposing three of the leading standards, and we have generated the below based on those principles.
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A Guide to AI Frameworks
Key stakeholders, including advocacy organizations and the U.S. government, have released AI frameworks for public discourse. We’ve highlighted key tenets from three that we believe have the leading standards for consideration:
The White House's AI Bill of Rights is a set of five principles to guide the design, use, and deployment of automated systems across a wide range of sectors to protect the rights of the American public in the age of artificial intelligence.
The National Fair Housing Alliance has proposed a new auditing framework called Purpose, Process, and Monitoring to help assess the fairness and efficacy of algorithmic systems.