News and Resources
MoreThanFair members meet with SBA Administrator to discuss inclusive lending for small businessesRead the press release
'We're trying to fight rhetoric with fact': Group defends online lendersRead from American Banker
Civil rights organizations, consumer advocates, and industry leaders unite to launch 'MoreThanFair' initiative to improve access to affordable and inclusive credit.Read the press release
The Civil Rights, Privacy, and Technology Table collaborates and breaks silos between groups in the civil rights, digital rights, media justice, and public interest sectors to advance the digital civil rights movement and promote ways technology can advance equality. These are their guiding civil rights principles.
Studies have clearly shown that use of AI / ML and automation can unlock credit access for borrowers who previously have been frozen out of the mainstream prime credit system.
Given the potential for AI / ML to act as a mirror reflecting the history of discrimination and bias in the US economy, it is critical to effectively supervise AI tools throughout the lifecycle of model construction, testing, and implementation. Tools like the National Fair Housing Alliance's PPM framework can serve as a guide for how to do that effectively.
It is important that ALL lending systems and models are subjected to the same standards when being evaluated for fairness and explainability. Recent research from Finreglabs shows the promise of certain AI models and explainability tools.
Community bankers have published a research report discussing how technology adoption through fintech partnerships enhance the customer experience and promote mutually beneficial relationships, as well as the operational and market risks associated with these partnerships.
A study by the Federal Reserve found that advances in underwriting technology have “allowed some borrowers who would have been classified as subprime by traditional criteria to be slotted into ‘better’ loan grades, which allowed them to get lower-priced credit.